RE:RE:RE:RE:RE:Proper Perspective....MurrayMac wrote:
Prior to LIT's news this morning, it was commonly known that LIT was looking for funding and/or partner to get a pilot testing facility off the ground. Well, they now have a partner, but no funding yet.
Hi MurrayMac, thanks for the informative posts. Please could you elaborate on the above statement, for the benefit of those amongst us lacking this 'common knowledge'? It seems at odds with company statement earlier this year:
11 January 2016
ASX ANNOUNCEMENT
$6.55m Placement to expedite lithium strategy
- LIT Placement to raise $6.55m - Placement comprises a A$2.5m to professional and sophisticated investors in addition to a A$4m cornerstone investment - $22.5M contributing shares - Extremely well-funded to execute lithium strategy implementation
Global lithium developer, Lithium Australia NL (ASX: LIT or Company) advises that it is set to secure A$6m in funding (before expenses) through a placement to institutional, professional and sophisticated investors at $0.14 per share. This is in addition to the partly paid contributing share bonus issue announced on 7 January 2016 which could potentially bring in a further $22.5 million when required.
The funding includes a A$4m investment by Lanstead Capital LP (Lanstead) by way of a placement of 28,571,429 shares at $0.14 cents per share, details of which are outlined under “Details of Lanstead Investment”.
Adrian Griffin, Managing Director “The LIT Board is elated with the outcome of this funding opportunity, particularly in the shadow of recent market turmoil. We welcome Lanstead as our first institutional shareholder and applaud the confidence Lanstead has in our strategy to use disruptive technology to surpass the outcomes being achieved by the more conventional lithium producers. The capability of our plan has been expanded with the recent successful production of lithium hydroxide giving our processing package a potential paradigm shift in production revenue.
The BW Equities component of the funding package was oversubscribed showing a vote of confidence, by the investing public, in Lithium Australia’s development plan.
When combined with our recently announced contributing share issue we will potentially have access to over $28M. Lithium Australia is well positioned to advance its projects in 2016 and beyond.