Charger Metals NL raises AU$5.5 million through a placement

Charger Metals NL (ASX: CHR) announced that it had received firm commitments from existing sophisticated and institutional investors from Australia and abroad to raise AU$5.5 million via the placement. The placement includes the issue of approx. 11 million fully paid ordinary shares at AU$0.50 per new share. The issue price denotes a 5% discount to its 15-day volume weighted average price.

Proceeds from the placement will be used for exploration activities comprising drilling to advance the Charger’s Bynoe and Lake Johnston Lithium Projects. The company has appointed Prenzler Group as the lead manager for the placement, and Prenzler Group will receive a 2% management fee and a 4% selling fee on the total placement proceeds.

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