Why is Core Lithium Ltd Launching a Share Purchase Plan?
Core Lithium Ltd, an Australian mining company, announced on August 16, 2023, that it will be conducting a share purchase plan (SPP). The purpose of the SPP is to provide eligible shareholders with the opportunity to acquire up to A$30,000 worth of Core ordinary shares without incurring any brokerage costs or transaction fees.
Supplementing the Institutional Placement
The SPP is an addition to the recently completed A$100 million fully underwritten institutional placement, which was priced at A$0. 40 per share. The placement was successfully completed on August 16, 2023. Eligible shareholders participating in the SPP will have the chance to purchase new shares at the same price per share as the institutional investors under the placement.
Waiver Granted by the ASX
To enable the SPP to be conducted at the placement price, Core has been granted a waiver from ASX Listing Rule 7.
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1 by the Australian Securities Exchange (ASX). Additionally, the new shares to be issued under the SPP will be considered an exception to Core's placement capacity under ASX Listing Rule 7. 1.
Targeting $20 Million and Working Capital Usage
Core aims to raise up to approximately $20 million through the SPP. However, the company reserves the right to accept applications that result in either more or less than the target amount. The funds raised from the placement will primarily be used to support the progress of BP33 early works, plant optimization initiatives, the exploration program, and for working capital purposes. The funds raised from the SPP will also be utilized for working capital.
When Does the SPP Open?
The SPP offer will open at 9:00 am (Sydney time) on Monday, August 28, 2023. Eligible shareholders will have the opportunity to purchase the new shares at the placement price.
In conclusion, Core Lithium Ltd is opening a share purchase plan to offer eligible shareholders the chance to acquire Core ordinary shares without incurring brokerage costs. This initiative supplements a recently completed institutional placement and aims to raise funds for the company's ongoing projects and working capital needs. The SPP will open in August.
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