Funds To Advance San José Lithium Project
Infinity Lithium Corporation Limited (ASX:INF) has received firm commitments to raise A$2.2 million through a placement to advance the San José Lithium Project in Spain.
Managing Director and CEO Ryan Parkin said the Placement was significantly oversubscribed and heavily supported through European and Australian institutional and sophisticated investors.
“The Placement has been very well supported in Europe by institutional and sophisticated investors that are focused on the inevitable EU transition to electric mobility,” Mr Parkin said.
“Europe continues to rapidly progress sustainable projects aligned to the EU battery supply chain, and the inclusion of lithium on the EU critical raw material list has highlighted the strategic importance of lithium and more importantly lithium chemical production in Europe.”
Mr Parkin said the company also intends to undertake an Entitlement Offer to raise approximately A$2.4 million on the same terms as the Placement with a prospectus and associated documentation to follow shortly.
He said the Placement will complement the funding commitment that has been received from EIT InnoEnergy earlier this year with funds being used to advance technical work including engineering studies to deliver the Project Feasibility Study and working capital.
“Our recent funding deal with EIT InnoEnergy facilitated the commencement of phase one feasibility study test work which will also provide for test product material being made available for customer verification.
“The support received through the Placement will underpin the progression of the Feasibility Study that will build on the momentum in the EU which includes the recently announced new funding avenues aligned to the development of critical raw materials.
We look forward to offering our existing shareholders the opportunity to participate in the capital raising through the Entitlement Offer.”