Standard Lithium announces $100 million direct investment from Koch Strategic Platforms
(Kitco News) - Standard Lithium (TSXV: SLI), a lithium project development company, today announced that Koch Strategic Platforms ("KSP"), a subsidiary of Koch Investments Group, will make a US$100 million investment in Standard Lithium through a direct private placement to support the company's strategic development goals.
According to the company's statement, Standard Lithium to issue 13,480,083 common shares of the company at a price of CDN$9.43 (US$7.42) per common share.
Standard Lithium added that net proceeds of the US$100 million direct investment will be used by the company to continue to rapidly advance the first commercial project proposed for the Lanxess facility; accelerate and expand the company's development of the South West Arkansas lithium project; continue the development and commercialization of modern lithium extraction and processing technologies; and to allow strategic project expansion.
"We're entering an important phase for Standard Lithium and we're thrilled to be starting it with a globally recognized industrial leader like Koch Strategic Platforms as a partner," said CEO Robert Mintak. "KSP has an impressive track record of investing in disruptive technologies and their backing is an important endorsement of the company's core technology, development plans and of our intent to make the Gulf Region a leading supplier of lithium resources."
Standard Lithium is an innovative technology and lithium development company. The company's flagship project is located in southern Arkansas, where it is engaged in the testing and proving of the commercial viability of lithium extraction from over 150,000 acres of permitted brine operations.
The company has commissioned its first-of-a-kind industrial-scale direct lithium extraction demonstration plant at Lanxess's south plant facility in southern Arkansas. The demonstration plant utilizes the company's proprietary LiSTR technology to selectively extract lithium from Lanxess's tail brine.