Lithium Universe (ASX: LU7) completes $3.64M capital raise for lithium processing hub strategy - Kalkine Media

May 01, 2024 02:33 PM AEST | By Aditi Sarkar

Lithium Universe (ASX: LU7) completes $3.64M capital raise for lithium processing hub strategy — Image source: Company update

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Highlights

Lithium Universe has completed a AU$3.64 million capital raising to sophisticated investors.

Funds would be primarily directed towards advancing the Québec Lithium Processing Hub (QLPH) strategy.

The capital raising, at a price of AU$0.02 per share, is to be completed in two tranches.

Lithium Universe Limited (ASX: LU7) has closed a capital raising program of AU$3,644,333.34 million. The fundraising, targeted at sophisticated investors, was achieved at a price of AU$0.02 per fully paid ordinary share (FPS) subscribed.

Lithium Universe is working towards addressing the gap in lithium conversion capacity and improving the supply chain of North America. The capital raising is primarily aimed at advancing the company’s mine-to-battery-grade lithium carbonate strategy in Canada through the Québec Lithium Processing Hub (QLPH).

Iggy Tan, the Executive Chairman of LU7, expressed his delight at the results of this capital-raising, especially in such a challenging market, and stated that it reflects the robust backing of sophisticated investors for the company’s QLPH’s business strategy.

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