viewAVZ Minerals Ltd

AVZ Minerals secures $5+ million from exercise of listed options

The company’s flagship Manono Project in DRC is one of the world’s largest and highest grade undeveloped hard rock lithium projects.

AVZ Minerals Ltd - AVZ Minerals secures $5+ million from exercise of listed options
Strong growth in lithium demand anticipated over the next few years

AVZ Minerals Ltd (ASX:AVZ) has received strong investor support from option holders, with more than 175 million (+98.5%) of AVZO listed options being exercised at 3 cents per option between May 4 and the option expiry date of May 24.

The company had entered into an underwriting agreement with Canaccord Genuity to underwrite the exercise of the 177,622,382 options on issue on May 4 2020.

Only 2,619,005 options remained on issue at the expiry date and will be placed as shortfall shares by Canaccord in accordance with the underwriting agreement.

Settlement of the shortfall shares is expected to occur on or about Friday, May 29 2020.

The total amount raised from the exercise of options between May 4 2020 and May 24  and the placement of the shortfall shares under the offer will be about $5.3 million.

Manono Lithium and Tin Project

AVZ has also completed its final payment of US$1 million under the original acquisition agreement to acquire its 60% interest in the Manono Lithium and Tin Project.

The company retains the option to increase its holding in the Manono Project to 65% under the share sale purchase agreement announced on June 24 2019.

AVZ is also continuing to progress discussions with various entities relating to offtake agreements and financing arrangements.

Quick facts: AVZ Minerals Ltd

Price: 0.063 AUD

Market: ASX
Market Cap: $178.83 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of AVZ Minerals Ltd named herein, including the promotion by the Company of AVZ Minerals Ltd in any Content on the Site, the Company receives from...



AVZ Minerals Ltd officially welcomes Yibin Tianyi Lithium as significant...

AVZ Minerals Limited's (ASX:AVZ) Nigel Ferguson speaks to Proactive's Andrew Scott after securing an equity investment of $10,687,500 from Yibin Tianyi Lithium Industry Co., Ltd. Yibin Tianyi will hold the equivalent of a 9% stake in AVZ. Yibin Tianyi and AVZ are continuing negotiations to...

on 6/5/20

2 min read