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Arizona Lithium raises $12 million

Kitco Media
By Michael McCrae
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Arizona Lithium (ASX:AZL) said yesterday that it raised A$12 million (US$8.2 million) via private placement from institutions and investors.

The company said its pro-forma cash position following the raise will be A$54 million.

The funds will be applied to the land purchase for its lithium processing plant, expansion and operation of the lithium research center and securing IP protection over lithium processing technology.

The company recently signed a lease for a 5-year lease for a lithium research center, which will be located 15km southwest of Phoenix Sky Harbor International Airport. The lithium research center will function as a technology incubator focused on the extraction of lithium from a variety of ores and brines, said the company.

The company is advancing its Big Sandy lithium project in Arizona.

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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