Lithium Universe Ltd Raises $0.90 Million via Placement
Key points
- $900,000 Capital Raise Secured from Sophisticated Investors
- Funds for Working Capital and Advancing Key Projects
- Tranche 2 Subject to Shareholder Approval in September
Full summary
Lithium Universe Ltd (ASX:LU7) announced a capital raise of $0.90 million through a placement to sophisticated and professional investors. The placement will issue 257,142,858 shares at $0.0035 each, with Tranche 1 raising $848,452 and Tranche 2 raising $51,548. The issue price represents a 30% discount to the last closing price. Funds will be used for working capital and advancing key projects, including finalising the PFS for the Brownsville Lithium Refinery Project. Tranche 2 is subject to shareholder approval at a meeting in September.
Guidance
Lithium Universe Ltd plans to raise $0.90 million through a placement.
Outlook
Lithium Universe Ltd plans to use the raised funds to advance key projects, including the Brownsville Lithium Refinery Project.
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