Australian lithium miner Core Lithium Limited (ASX: CXO) has raised approximately $11.4m through its share purchase plan offer (“SPP”) which closed on 17 September 2023.
The SPP which was announced on Wednesday, 16 August, and opened on Monday 28 August, followed the Company’s recent fully-underwritten placement to institutional investors which raised A$100m and was completed on 17 August 2023 (the “Placement”).
Core Lithium will issue 28,418,750 new fully paid ordinary shares in respect of the SPP, which will rank equally with existing fully paid ordinary shares in Core Lithium. The new shares will be issued at $0.40 per share, in line with the issue price of shares under the Placement.
The proceeds of the SPP and Placement will allow Core to deliver on its near-term growth projects during Finniss ramp-up whilst preserving balance sheet flexibility. Importantly, the SPP and Placement will provide Core the ability to progress BP33 early works, perform several plant optimisation initiatives aimed at increasing recoveries, pursue a targeted exploration program and complete study works to better understand key growth projects.
Issue of the new shares under the SPP will occur on 22 September 2023 and are expected to trade from 25 September 2023.
Holding statements will be dispatched to shareholders on 25 September 2023. The Board thanks shareholders for their participation in this share purchase plan.
Shareholders who have any questions regarding the SPP can call Core’s SPP Information Line on 1300 103 392 (within Australia) or +61 2 9068 1925 (outside Australia) at any time from 8:30am to 7:00pm (Sydney time), Monday to Friday – the line will remain open until Friday 29 September 2023.