Share Purchase Plan and Application Form
Core Exploration Limited Share Purchase Plan
The right to participate in the Offer under the Plan is optional and is available exclusively to shareholders who are registered as holders of fully paid ordinary shares in the capital of the Company (Shares) at 7:00 pm (AEST) on 13 April 2018 and whose registered address is in Australia or New Zealand (Eligible Shareholders).
The SPP is targeting to raise $2.0 million. If total demand for the SPP exceeds $2.0 million, then the Company reserves the right to close the SPP early and scale back applications or elect to increase the amount raised under the Plan.
The SPP issue price is 5.3 cents per New Share representing an 18.6% discount to the volume weighted average price of Shares over the last 5 days on which sales of the Shares were recorded by ASX Limited prior to the date of the announcement of the SPP on 16 April 2018.
It is intended that the funds raised from the SPP will be used as follows:
(a) Feasibility studies for the development of the Grants Lithium Project and other potential spodumene resources;
(b) Exploration and resource drilling at the high grade BP33 Prospect and other high grade spodumene pegmatites within the Finniss Lithium Project
(c) Exploration and resource drilling on other high priority pegmatite targets and lithium projects; and
(d) provide the Company with working capital to enable it to support its current operations.
Details of the Plan are set out in the Terms and Conditions and the personalised application form enclosed with this letter. The Board urges you to read these Terms and Conditions carefully and in their entirety before deciding whether or not to participate in the Plan. If you are uncertain whether New Shares are a suitable investment for you, then you should consult your financial or other professional adviser.
On behalf of the Board, I invite you to consider this opportunity to increase your investment in the Company.
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About Core Lithium Ltd
Core Lithium Ltd (ASX:CXO) is an emerging lithium producer focused on development of its Finniss Project near Darwin in the Northern Territory. Core owns 100% of Finniss, a major developing project that lies close to existing infrastructure such as the Darwin Port, grid power, gas and rail infrastructure.
The Finniss Project covers a 500km2 tenement holding and 25 historic pegmatite mines. The project area is about 80km from Darwin Port. Exploration work has generated a near term development timeline, with feasibility studies to be completed over the course of 2018 ahead of receipt of approvals in early 2019 and planned first production during 2019.
An aggressive exploration program is under way, which has confirmed the high quality prospectivity across much of the Finniss Project area. Core's stated ambition is to upgrade Finniss' resource base to fast-track commercialisation options.
Core Lithium Ltd