Funds To Accelerate Growth Of Battery Recycling Systems
Lithium Australia NL (ASX: LIT) has received firm commitments for an A$4 million placement to institutions and sophisticated and professional investors.
The company has also revealed that it intends to raise a further A$2 million by way of a Share Purchase Plan (SPP).
Monies raised under the Placement and SPP will be used to fund:
< commercialisation of subsidiary Envirostream Australia’s battery recycling business;
< enhancement of Envirostream Australia’s marketing and collection network;
< marketing costs for subsidiary Soluna Australia’s renewable-energy storage systems, and
< additional working capital for the company.
“Strong demand for the Placement is an endorsement of the quality of an investment in the company,” Lithium Australia Managing Director, Adrian Griffin said.
“Our diversified exposure to the fast-growing battery industry makes this investment opportunity unique. Lithium Australia has significant intellectual property in terms of battery technology and a sound understanding of the entire battery supply chain.
“The company’s efforts have been recognised by the Australian federal government through the award of a number of substantial research grants that will progress the nation’s advanced battery capabilities.
“Together the Placement and SPP will allow Lithium Australia to fast-track the growth of Soluna Australia and Envirostream Australia, both of which anticipate significant revenue growth this financial year.”
