Settlement of Share Placement with Lionergy Limited
Perth, Mar 7, 2016 AEST (ABN Newswire) - Altura Mining Limited (
ASX:AJM) ("Altura" or the ''Company") is pleased to advise that further to the ASX announcement on 22 February 2016, settlement of the share placement with Lionergy Limited has now taken place.
Altura has received the A$3 million and these additional funds will primarily be directed towards the development of Altura's 100% owned Pilgangoora Lithium project, including completion of the Feasibility Study currently scheduled for completion by the end of March 2016.
The issue of the 37,037,037 fully paid ordinary shares has been undertaken using the Company's additional placement capacity available under LR 7.1A (as approved at the 2015 AGM).
For the purposes of LR 3.10.5A the following information is provided:
- The dilution to existing holders of fully paid ordinary shares caused by the issue is 3.96%.
- The Company elected to issue securities under LR 7.1A to provide interim funding for feasibility studies and working capital requirements ahead of an expected take up of outstanding options in May and June 2016.
- There were no underwriting arrangements with the issue.
- There were no other fees or costs incurred in connection with the issue.
About Lionergy Limited
Lionergy Limited is a China based company specialized in the Lithium industry. Its business scope covers spodumene exploration, spodumene mine development, spodumene concentrate sales and distribution, LI2C03 and LiOH manufacturing and sales, Lithium metal manufacturing, cathode materials manufacturing for Li-ion batteries. This broad coverage and the integration of the lithium industry places Lionergy at the cutting edge in China's Lithium industry.
About Lithium
Lithium (Li) is recovered from the mineral spodumene and lithium-rich brines. It is used in a range of products such as ceramics, glass, batteries and pharmaceuticals. Lithium use has expanded significantly in recent years due to increasing use in rechargeable batteries in portable electronic devices and in batteries and electric motors for hybrid and electric cars.
About Altura Mining Ltd
Altura Mining Limited (ASX:AJM) is building a leading position in the independent supply of lithium raw materials, with a world class lithium project at Pilgangoora ready to set the platform and be the first new hard rock lithium product supplier in 2017. The Altura team has a track record of delivering mining projects with Pilgangoora the most advanced stage, near term producing lithium project; solid offtake partners and a market providing substantial growth opportunities to ensure positive shareholder returns.
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