Lithium Australia Limited (ASX: LIT) has received firm commitments to raise $12,075,202 through a share placement.
Funds raised will be used towards commercialisation of the company’s wholly owned subsidiaries Envirostream Australia Pty Ltd and VSPC Pty Ltd, and for general working capital.
Envirostream is leading the Australian battery recycling industry. Funds will be used to drive the increase of safe recycling of spent battery volumes at its operational facilities in Victoria. A national expansion study will also be undertaken during FY2023.
VSPC is developing advanced powders for next generation lithium-ion batteries, especially lithium ferro phosphate (LFP). Funds will be used to complete engineering studies for the expansion of our current facilities and to advance offtake and raw material relationships for the LFP supply chain.
The Placement was managed by Perth based CPS Capital Group Pty Ltd (CPS).
We are very pleased with the strong support from existing and new shareholders for the capital raising. This funding puts us in a strong position to continue to progress our core opportunities of battery recycling and advanced cathode materials. This is an exciting time for the company and we look forward to delivering on our strategy,” Chairman, George Bauk, said.