Australian miner Core Lithium has announced the completion of the share purchase plan (SPP) it announced on August 17.
The company has raised about $11.4 million through the SPP that was announced alongside its $100 million fully underwritten institutional placement being completed only a day later.
The SPP opened to eligible shareholders on August 29. With it now complete, Core Lithium will issue 28,418,750 new fully paid ordinary shares, which will rank equally with existing fully paid ordinary shares in the company.
These new shares will be issued at $0.40 per share, which is in line with the shares issue price under the placement.
“The proceeds of the SPP and (the) placement will allow Core to deliver on its near-term growth projects during Finniss ramp-up while preserving balance sheet flexibility,” the company said.
“Importantly, the SPP and placement will provide Core the ability to progress BP33 early works, perform several plant optimisation initiatives aimed at increasing recoveries, pursue a targeted exploration program and complete study works to better understand key growth projects.”
The issuing of these new shares under the SPP is expected to occur on September 22, and is expected to trade from September 25, with holding statements to be dispatched on the same day.
Core Lithium started early works at the BP33 lithium project in early August, and it awarded the $45 million BP33 early works package to Northern Australia Civil in mid-August.
The BP33 lithium project in the Northern Territory is the second proposed mine at the Finniss lithium operation.
Earlier this month, Core Lithium announced that the BP33 project’s $45-$50 million early works and feasibility study is progressing towards a final investment decision in the first quarter of 2024.