Core Lithium Ltd announces a AU$100 million Institutional Placement

Core Lithium Ltd (ASX: CXO) announced that it is undertaking a fully underwritten institutional placement to raise AU$100 million. The placement includes the issue of approx. 97.1 million fully paid ordinary shares at AU$1.03 per new share. The issue price indicates a 6.8% discount to the last traded price and a 13.0% discount to the 5-day VWAP price of AU$1.184.

Proceeds from the placement will be used to:

• Increase resource definition, extensional and exploration drilling, with a budget of AU$25 million scheduled for CY23;
• Help in improving the company’s project management and corporate development capabilities
• Progressing development of the planned BP33 underground mine by investment in initial works, earlier funded out of cash flows
• For general working capital requirements

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