Lithium Australia (ASX: LIT) has successfully wrapped up its Share Purchase Plan (SPP), generating AU$952,625 from shareholder applications. This comes after finalizing a Placement Agreement with The Lind Partners, which provided an initial investment of AU$1.8 million and the potential for total funding of up to AU$7.5 million. Proceeds from the SPP and Placement will drive growth and development across Lithium Australia’s battery recycling and battery materials divisions.
The funding will support critical initiatives, including expanding the battery recycling division, which recently signed an exclusive recycling agreement with EV manufacturer BYD Auto, and progressing business development activities in the battery materials division, such as securing off-take agreements and strategic partnerships. The newly issued shares are scheduled to start trading on the ASX on September 23, 2024. CEO Simon Linge highlighted the strong shareholder support and expressed excitement for executing the company's growth strategy into FY25.
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