Crowdfunding helps Cornish to establish a battery metals hub for the UK
(Kitco News) - Cornish Lithium, the innovative mineral exploration and development company based in Cornwall, UK, today announced that it has successfully completed a crowdfunding campaign on Crowdcube raising £6 million (~$8.4 million) to progress its geothermal and hard rock projects in Cornwall and to create additional value for shareholders.
The company said it opened up the opportunity to pre-registered investors today at 9:00am and had raised it's £6 million target within 20 minutes.
CEO & Founder Jeremy Wrathall said, "We are delighted with the support we have received to date for our latest crowdfunding round. The additional funding will be used to continue the progress towards our goal of creating a battery metals hub for the UK. We have made significant advances since our last fundraising on Crowdcube, on both our geothermal and hard rock workstreams. We have also continued to attract Government support with additional funding grants being made as well as receiving our offshore exploration licences from the Crown Estate."
The company added that it has now successfully completed its second drilling campaign at the Trelavour hard rock lithium project, the data from which will enable Cornish to publish its maiden resource in the autumn of this year.
Additionally, the company said that it has also made great progress at United Downs where it has completed the construction of its geothermal waters test facility where the team is currently trialling technologies from different Direct Lithium Extraction technology providers. This work will help to inform the company's decision as to which will be the most appropriate technology to use in the pilot plant it plans to commission at United Downs in March 2022.
Cornish Lithium is a British mineral exploration company focused on the sustainable extraction of lithium and other battery metals in the historically significant mining district of Cornwall, UK. The company has secured extensive mineral rights agreements across more than 500km2 of Cornwall, enabling the company to use modern exploration techniques on a regional basis.