Australia’s Loyal Lithium raises funds for Quebec lithium project

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

Leave Message for Us to Get Back

Related stories

Apple Invests $500mn in MP Materials to expand U.S. supply

In a recent move, technology giant Apple Invests $500mn...

Egypt and Saudi Arabia Exploring Mining Cooperation Options

The Egyptian minister of petroleum and mineral resources, Karem...

Steel Tariffs To Protect Domestic Steel Industry In Canada

Prime Minister Mark Carney of Canada on July 16,...

New Mining Law in Egypt to Shift EMRA Into Economic Entity

A new amendment to the mineral resources law in...

Australian Securities Exchange (ASX)-listed Loyal Lithium (LLI) has raised A$3.3m ($2.1m) through a share placement, involving the issuance of 7,345,744 new shares.

The shares were priced at A$0.45 each, marking a 73% premium over the company’s 15-day VWAP of A$0.26. LLI noted that the placement was conducted under the “flow-through shares” scheme, a provision of Canadian tax law, with Canaccord Genuity acting as the sole lead manager.

The company has acknowledged strong market support for the placement, with a preference given to major existing shareholders in Australia and Canada.

Funds from this placement are earmarked for the Trieste Lithium Project, located along the resource-rich Trieste Greenstone Belt in James Bay, Quebec.

The project is in proximity to several spodumene-bearing lithium ventures, and the capital will facilitate an innovative geophysical survey, an extensive summer field programme and a targeted drilling campaign, all aimed at advancing the project’s development. LLI managing director Adam Ritchie said: “The demand for the placement and ongoing support from our shareholders has been overwhelming.

“The vast majority of our major shareholders participated in this placement, including Jody Dahrouge, principle of our in-country geological partner, Dahrouge Geological Consulting. Their support is a reflection of the potential of the project and the solid foundation that our team has built in Canada.

“The “flow-through shares” provisions under Canadian tax law reduces shareholder dilution but more importantly ensures valuable exploration and development work can be accelerated.”

 

Latest stories

Related stories

Apple Invests $500mn in MP Materials to expand U.S. supply

In a recent move, technology giant Apple Invests $500mn...

Egypt and Saudi Arabia Exploring Mining Cooperation Options

The Egyptian minister of petroleum and mineral resources, Karem...

Steel Tariffs To Protect Domestic Steel Industry In Canada

Prime Minister Mark Carney of Canada on July 16,...

New Mining Law in Egypt to Shift EMRA Into Economic Entity

A new amendment to the mineral resources law in...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back