Liontown Resources has completed a share purchase plan (SPP) which completes the funding package for the Kathleen Valley lithium project in Western Australia.
The company raised $13.8 million as part of the SPP, which was priced at $1.47 per share – a two per cent discount to the five-day volume-weighted average price of Liontown as of November 20 – the date the SPP closed.
Liontown aimed to raise up to $45 million as part of the SPP, which complemented a $365 million equity raise that took place in mid-October.
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.
“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.”
Last week, it was announced that Sandvik was set to supply automated loaders, undergrounds drills and rock tools to Kathleen Valley.
Key wind turbine components for the project also arrived at Kathleen Valley, and underground mining at the site recently commenced with the firing of the first blast to create underground portals at the Mount Mann pit.
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