Emerging Australian Lithium developer Core Lithium (ASX: CXO) has announced that the Company’s SPP has received strong support above the originally targeted $2 million. Due to the strong demand for the SPP, Core will allow shareholders to participate up to until Monday 24 June and is considering increasing the amount raised to minimise scaling back of the SPP as the Company progresses towards development of the Grants Project.
Emerging Australian Lithium developer Core Lithium (ASX: CXO) has announced that the Company’s SPP has received strong support above the originally targeted $2 million.
HIGHLIGHTS
· $2 million Share Purchase Plan (SPP) oversubscribed
· SPP closing Monday to afford eligible shareholders final opportunity to participate ahead of key project milestones
· SPP leverages the non-dilutive $8.125 million royalty agreement with Lithium Royalty Corporation (LRC)
Due to the strong demand for the SPP, Core will allow shareholders to participate up to until Monday 24 June and is considering increasing the amount raised to minimise scaling back of the SPP as the Company progresses towards development of the Grants Project.
Accordingly, the issue of new share under the SPP timetable will change from Wednesday 26 June 2019 to Thursday 27 June 2019.
Core’s Managing Director, Stephen Biggins, commented: “We are very pleased with the strong support from shareholders in the SPP as recognition of the value to come from the recently announced non-dilutive finance from the $8.1 million royalty investment by LRC, as Core moves forward towards the Final Investment Decision for the Finniss Lithium project and focus on increasing its Mineral Resource base.”