ASX-listed Mali Lithium has launched a Renounceable Rights Issue to raise up to $5.3 million, with the proceeds to be used for ongoing development initiatives at the company's Goulamina Lithium Project in Mali.
The rights will commence trading on 20 September 2019.
Commenting on the Rights Issue, Mali Lithium MD Chris Evans says:
“We are pleased to be able to offer shareholders the opportunity to participate in this raising on such favourable terms.
"This has been an extremely busy time for the company culminating in the Goulamina Lithium Project receiving a full Exploitation Permit (Mining Licence) from the Mali Government.
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"The proceeds from the Rights Issue will put Mali Lithium on a solid footing to complete a range of development initiatives at the Goulamina Lithium Project and undertake exploration to unlock value on our gold tenements.
"We look forward to updating shareholders as we complete each of those milestones over the coming months, and thank Shareholders for their ongoing support.
“We also thank CPS Capital Group for their participation in partially underwriting the Renounceable Rights Issue."
- One-for-four Renounceable Rights Issue to raise up to $5.3 million
- Attractively priced at $0.08 per share, a discount of 20% to the last price of $0.10, 27% to the 30 day VWAP and 37% to the 90-day VWAP
- For every 2 new shares issued, shareholders will receive one new listed option ($0.15 exercise price, 2-year term)
- Shareholders can trade their rights and apply for additional shares and options
- Rights to start trading from 20 September 2019
- Board members to participate for their entitlement
- Capital Drilling Ltd committed to take up $900,000 from the shortfall
The Renounceable Rights Issue has been offered on a one-for-four basis at $0.08 per fully paid ordinary share to raise up to approximately $5.3 million, with one attaching listed option (exercise price of $0.15 and 2-year term) for every two new shares subscribed for under the Renounceable Rights Issue.