Core Lithium has opened its previously announced $20 million share purchase plan (SPP) to eligible shareholders.
The Australian lithium miner announced the non-underwritten SPP to raise $20 million at the same price as its $100 million placement, that being $0.40 per share. Core Lithium announced the completition of the placement the following day.
The SPP offer opened on August 28 at 9am and it is expected to close September 15 at 5pm to eligible shareholders, those being individuals who are Australian or New Zealand residents and held shares in Core Lithium on August 15 at 7pm.
To participate in the SPP, eligible shareholders may apply to acquire $2500, $5000, $10,000, $15,000, $20,000, $25,000 or $30,000.
Core Lithium said that shares issued under the SPP will rank equally with existing fully paid ordinary shares in the company.
“Core is targeting to raise up to approximately $20 million under the SPP. However, Core may decide to accept applications (in whole or in part) that result in the SPP raising more or less than that target amount at its absolute discretion,” Core Lithium said.
“As previously announced, the funds raised under the placement will fund the progress of BP33 early works, plant optimisation initiatives, progress the exploration program, studies and for working capital purposes. Funds raised via the SPP will be used for working capital purposes.”
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.