Liontown Resources has completed the share purchase plan (SPP) announced on October 19 that is intended to fully fund the Kathleen Valley lithium project in Western Australia.
The issue price per SPP share was $1.47, which is a two per cent discount to the five-day volume weighted average price of Liontown shares up to and including the closing date of the SPP – that being November 20 – rounded to the nearest cent.
The SPP aimed to raise up to a further $45 million at a price equal to the lower end of the placement offer price.
Now, over nine million new Liontown shares were issued on November 27 in accordance with the SPP and are expected to be quoted on the Australian Securities Exchange (ASX) on November 28.
The SPP’s subscriptions from eligible shareholders equals to $13.8 million.
“On behalf of the board, we are pleased to have provided eligible shareholders the opportunity to participate in the SPP following the institutional placement and I would like to thank shareholders for the ongoing support they have shown the company,” Liontown managing director and chief executive officer Tony Ottaviano said.
“The funds raised under the SPP complement the proceeds of the $365 million institutional placement completed in October, completing the funding package to take Kathleen Valley through to first production and beyond.”
The completion of the SPP is just the latest for Kathleen Valley.
Last week, it was announced that Sandvik was set to supply automated loaders, undergrounds drills and rock tools to the operation.
Key wind turbine components for the project also arrived at Kathleen Valley, and underground mining at the site commenced with the firing of the first blast to create underground portals at the Mount Mann pit.
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