Lithium Australia raises cash
PERTH (miningweekly.com) – ASX-listed Lithium Australia has raised A$4.5-million through a share purchase plan (SPP).
The SPP, which opened in August, was undertaken in addition to a A$4-million share placement to institutional and sophisticated investors, and allowed existing shareholders to subscribe for up to A$30 000 worth of new shares in Lithium Australia, priced at 5.3c each.
Funds will go towards commercialising the company’s battery recycling business Envirostream, and to facilitate its marketing and battery collection network.
“We are very pleased that our shareholders backed the company’s vision of sustainability in the energy metals space. The additional funds raised will allow debt to be retired, improving the company’s balance sheet and accelerating the expansion of Envirostream, our battery recycling subsidiary,” said Lithium Australia MD Adrian Griffin.
“This comes on the back of the Australian Consumer and Competition Commission approving a national battery stewardship scheme to encourage battery recycling, which will provide greater opportunities for Envirostream.”
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