Core Lithium creates springboard for growth with oversubscribed SPP, royalty
Emerging Australian Lithium developer Core Lithium (ASX: CXO) has closed its share purchase plan after excepting $1.3 million in oversubscriptions, taking the entire raising up to $3.3 million.
Emerging Australian Lithium developer Core Lithium (ASX: CXO) has announced that its share purchase plan has received strong support above the originally targeted $2 million and has raised $3.3 million.
· $3.3 million raised via oversubscribed Share Purchase Plan (SPP)
· SPP leverages the non-dilutive $8.125 million from Lithium Royalty Corporation (LRC)
· Exploration programs targeting increased mineral resources commencing in coming weeks
· Focus on reaching Final Investment Decision to become Australia’s next lithium producer
In addition, $6.9M as first tranche LRC royalty funds are expected in July 2019 and will enable Core to initiate drilling to expand Mineral Resources and Reserves at Finniss to improve the production profile further and extend the mine life and progress the Project to Final Investment Decision.
Additionally, Core will commence focussed exploration in the highly prospective Finniss Lithium Project area to discover and define new lithium rich pegmatites within Core’s large 500km2 project area close to Darwin.
Core’s Managing Director, Stephen Biggins, commented: “We are very pleased with the strong support from shareholders in the SPP in addition to the non-dilutive finance from the $8.1 million royalty investment by LRC.
“Core is now positioned to move forward towards the Final Investment Decision for the Finniss Lithium project and focus on increasing its Mineral Resource base at Finniss.”