LU7 Closes Capital Raising
Melbourne, May 1, 2024 AEST (ABN Newswire) - Lithium Universe Limited (
ASX:LU7) (ESMAF:OTCMKTS) is pleased to advise that it has completed a $3,644,333.34 million capital raising to sophisticated investors, at a price of $0.02 for each one fully paid ordinary share (FPS) subscribed.
Highlights
- Binding subscription agreements for $3,644,333.34
- Further development of the Quebec Lithium Processing Hub (QLPH) strategy
- Capital raising in two tranches:
o Tranche 1 - 95,016,667 shares at $0.02 per share raising $1,900,333.34
o Tranche 2 - 87,200,000 shares also at $0.02 per share to raise a further $1,744,000.00
- 1:2 free attaching listed option and a $0.03 exercise price and expiry in 18 months
- Company intends to list Options
- Company to grant 1:2 Option to those who participated in the recent Share Purchase Plan
The proposed capital raising is to be conducted in two tranches, being:
- Tranche 1 - 95,016,667 FPS; and
- Tranche 2 - 87,200,000 FPS, to be issued subject to shareholder approval at the Company's Annual General Meeting, to be held on 14 June 2024 (AGM).
As part of the above capital raising initiative one option will also be issued for every two FPS's subscribed for, containing an exercise price of $0.03 per option and an expiry date of 18 months (Option). The issue of the Options will be subject to shareholder approval at the Company's AGM. It is intended that the Options will be listed on the Australian Securities Exchange (ASX), with further details to be provided as soon as they come to hand.
The expected timing for completion of the above capital raising is as follows:
- Tranche 1 - 10 May 2024; and
- Tranche 2 - 28 June 2024 (assuming receipt of shareholder approval at the Company's AGM)
About Lithium Universe Ltd
Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF) is a forward-thinking company on a mission to close the "Lithium Conversion Gap" in North America and revolutionize the photovoltaic (PV) solar panel recycling sector. The company is dedicated to securing the future of green energy by addressing two major strategic initiatives: the development of a green, battery-grade lithium carbonate refinery in Quebec, Canada, and pioneering the recycling of valuable metals, including silver, from discarded solar panels.
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