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Lithium Energy raises cash as Strike sells shares

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Photo by Bloomberg

23rd June 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Strike Resources has raised A$2.4-million from the sale of three-million shares in fellow-listed Lithium Energy, at a price of 80c each, as that company completes a A$6.4-million capital raise.

Lithium Energy on Friday announced the completion of the capital raise, which saw it issue 8-million shares at a price of 80c each to new and existing institutional, sophisticated and professional investors.

The funds raised will be used in the on-going development of Lithium Energy’s Solaroz lithium brine project in Argentina, and its Burke and Corella graphite projects in Queensland.

Lithium Energy is working on defining a maiden Joint Ore Reserves Committee-compliant resource at Solaroz, and is completing prefeasibility studies for the development of a vertically integrated purified spherical graphite manufacturing facility in Queensland using the Burke graphite as feedstock.

Despite Strike selling off three-million shares in the company, it remained Lithium Energy’s largest shareholder, holding more than 31.4-million shares in the company or a 30.49% interest. The company said on Friday that it had no intention of selling any more Lithium Energy shares for at least the next six months.

Edited by Creamer Media Reporter

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