RE:LITH Closes its Previously Announced $0.70 Unit FinancingI like the following, and a big endorcement from a major lithium producer.
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The Company welcomes Chengxin Lithium Group Co., Ltd. (“Chengxin”), as a strategic investor, purchasing $3,000,004 of the recent Offering through a wholly owned subsidiary. Chengxin is a listed company in China with a market capitalization of 40 billion yuan ($8 billion Cdn) and as of September 30th, 2021, their operating income for the first three quarters was 1.86 billion yuan ($371 million Cdn). Chengxin primarily engages in new energy materials business, from spodumene mining to basic lithium products manufacturing and sales.
At present, Chengxin commands a total of 70.4kt lithium product capacity, and ranks No.2 in China, with another 60kt capacity under long-term planning in Indonesia. To secure feedstock supplies, Chengxin owns upstream resource in China and overseas. In China, Chengxin owns a producing mine with raw spodumene throughput of 405kt/year and invested in a mine with an inferred resource of 38.44 million tons. Overseas, Chengxin invested in a spodumene project with 40 mining claims in Zimbabwe and acquired 50% stake and operating right of the UT of Argentina SDLA (Sal de Los Angeles) brine project in Salta province. Chengxin pays high attention to resource investment globally and aspires to be a leading new energy material producer in the world. For more information about Chengxin Lithium Group Co. Ltd., visit their website: Chengxin Lithium Group Co., Ltd. (cxlithium.com)
President and CEO, Steve Cochrane shares, “Having Chengxin Lithium as a strategic investor is yet another step forward for Lithium Chile. Their operational experience and expertise in the lithium space is an incredible opportunity for our Company to advance our exploration and development projects not only in Argentina but Chile as well. I look forward to a successful and long-term collaboration with the Chengxin Lithium Group.”