Altura Mining Limited (ASX Code: AJM) has announced that it has successfully completed a Placement to international institutional and sophisticated investors to raise A$26 million (before costs).
The Company plans to use the funds to rapidly progress a Stage 2 expansion study at the 100%-owned and fully-funded Altura Lithium Project, where Stage 1 construction is on schedule for first lithium concentrate sales in the June Quarter 2018. The funds will also be used by Altura for exploration and general working capital purposes.
A select group of global investment funds were cornerstone investors in the Placement including one of the world’s biggest resources funds.
Altura Managing Director Mr James Brown said the Placement was heavily oversubscribed and followed a successful investor roadshow in North America and the United Kingdom. “We received a strong level of interest from international investors in how advanced the Altura Lithium Project already is and how the project could be expanded to meet growing global demand for lithium,” he said. “Construction of the project is already more than 50% complete and is fully funded following the recent finalisation of the US$110 million senior secured debt facility. We are only months away from first production and now investors see considerable upside in advancing our Stage 2 Expansion Study in order to capitalise on this opportunity.”
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