The placement, which is priced at A$5.10 per share represents a 17.2% discount to the last trading price, before shares of the company entered a trading halt earlier in the day. ($1 = 1.5058 Australian dollars) (Reporting by Archishma Iyer in Bengaluru; Editing by Shailesh Kuber and Uttaresh Venkateshwaran)
(Updates with more details on fund raise, context and shares)
May 4 (Reuters) - Australia's Vulcan Energy Resources said on Thursday it had launched a fully underwritten
capital raise worth A$109 million ($72.39 million), in an effort
to develop its net zero carbon lithium project in Germany.
The lithium producer had announced in late-April that Nobian
GmbH would invest $177.76 million in the company's main lithium
plant in Germany in exchange for a 50% stake in the entity
controlling the main lithium plant. Vulcan said the funds will be utilised to order
construction items used for building the phase one of the
lithium project, among others.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.