Global Lithium Resources Banks $30M and Adds New Cornerstone Investor
THE BOURSE WHISPERER: Global Lithium Resources (ASX: GL1) announced it has received firm commitments for a $29.9 million capital raising.
Global Lithium Resources indicated the funds will underpin acceleration of exploration programs and associated study work at the company’s Western Australia-based projects: the Marble Bar lithium project (MBLP) in the Pilbara; and the Manna lithium project east of the Goldfields.
The capital raising was strongly supported by global institutions and included the introduction of Mineral Resources (ASX: MIN) as a cornerstone shareholder with that company committing to invest $13.6 million to take a five per cent interest in Global Lithium.
“As Global Lithium continues to advance our growth strategy with a significant West Australian lithium portfolio in Tier-1 locations, we are delighted to welcome Mineral Resources as a cornerstone investor in this capital raising,” Global Lithium Resources non-executive chair Warrick Hazeldine said in the company’s ASX announcement.
“Alongside Suzhou TA&A, who continues to maintain their 9.9 per cent stake, the Board is very excited about the depth of knowledge and lithium industry experience within the company and through its key stakeholders.
“We look forward to developing a long-term working relationship with Mineral Resources given the company’s unrivalled track record in successfully bringing operations into production quickly, processing of hard rock lithium ores and downstream processing.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE
Email: info@globallithium.com.au
