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Lithium Australia lifts cash balance with share auction proceeds

The company has now commenced the LITCE sale process for forfeited LITCE shares.

Lithium Australia NL - Lithium Australia lifts cash balance with share auction proceeds
The share auction offer was partially underwritten

Lithium Australia NL (ASX:LIT) (FRA:3MW) has boosted its cash balance by around $250,000 through a partially underwritten share auction offer.

This auction was completed on Monday with $250,200 raised before costs and the company has finalised the allocation of LITCF Partly Paid Shares to be transferred as per terms of the offer.

The auction offer was subject to an underwriting agreement with BW Equities Pty Ltd.

The number of securities for which auction offer applications were received and the number of securities allocated to the underwriters.

Subject to receipt of cleared funds, the anticipated date for the transfer of the securities is May 15, 2020, with trading of the securities expected to commence on May 18, 2020.

Forfeited shares

The company has also started the sale process for forfeited LITCE shares amounting to more than 85.675 million securities.

In a statement, LIT said: “The directors give notice to all fully paid shareholders and partly paid shareholders that pursuant to the Constitution and the Corporations Act, the company offers the forfeited securities for sale for a period of 14 days commencing May 15 and the offer closes on May 30, 2020.

“Offers below 0.5 cents per forfeited security will not be accepted and the directors will consider each offer.

“Allocations will be made with priority given to the highest offer price, but in any case, at the discretion of the directors.

“Pursuant to the Constitution, and following the close of the offer period, the forfeited securities can then be disposed of in such manner and on such terms as the directors determine.”

Quick facts: Lithium Australia NL

Price: 0.048 AUD

ASX:LIT
Market: ASX
Market Cap: $29.06 m
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