Liontown raises A$18m for lithium exploration
PERTH (miningweekly.com) – ASX-listed Liontown Resources has launched an A$18-million capital raise to fast-track the exploration and development of its lithium projects in Australia.
The company will undertake a share placement, priced at 12c a share, to institutional and professional investors.
An initial A$16.57-million will be raised by the issue of more than 138-million shares under the company’s existing placement capacity, with the balance of A$1.143-million to be raised through the issue of more than 11.9-million shares to Liontown’s directors, subject to shareholder approval.
“This placement substantially de-risks Liontown’s development pathway and puts us in a great position to systematically advance both of our high-quality Australian lithium assets towards development,” said Liontown MD David Richards.
“The strong demand from investors for the placement is testament to the quality, grade, scale and location of the Kathleen Valley project, which is now Australia’s fifth-largest spodumene lithium resource.”
Richards said that the majority of the funds raised would be allocated to ongoing work at Kathleen Valley, including a new drilling programme to expand the deposit and studies to deliver the prefeasibility study in the fourth quarter of this year.
“Importantly, this raising will allow us to move straight into a definitive feasibility study, which we are targeting to complete in the third quarter of next year.”
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