Australian lithium mining company Core Lithium Ltd (ASX: CXO) has successfully completed a fully underwritten institutional placement, raising AU$100 million. The placement received support from both existing and new domestic and offshore institutional investors. The funds from the placement, along with an upcoming share purchase plan (SPP), will enable Core to advance its growth projects during the Finniss ramp-up phase and maintain financial flexibility.
The company plans to use the capital to progress early works on BP33, optimize plant operations for better recoveries, conduct targeted exploration, and complete study works for key growth initiatives. Core Lithium CEO Gareth Manderson expressed gratitude for the investor support and highlighted the potential to meet strategic goals and expand mine life. The placement shares are set to trade on the ASX from August 22, 2023, and the SPP offers eligible shareholders the chance to subscribe for additional shares at AU$0.40 per share.
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