Highlights
- LU7 has announced extended deadline for new listed options.
- Firm commitments received for a share placement of AU$3.64 million.
- Funds will fuel a definitive feasibility study being undertaken for Quebec lithium processing hub.
Lithium Universe Limited (ASX: LU7) has announced an extension to the closing date for its new options offer. This extension applies to participants who acquired shares in the placement announced on 1 May 2024 and the share purchase plan (SPP) concluded on 15 April 2024.
The new closing date for the SPP and placement options offer is now set for 5 July 2024, pushed back from the original date of 27 June 2024. This extension provides participants with additional time to engage with the offers and apply for the new options.
Background of placement options offer
LU7 had previously received firm commitments from professional and sophisticated investors to raise over AU$3.64 million by issuing shares at AU$0.02 issue price. The offer includes one free new option for every two placement shares issued. The exercise price of the option is AU$0.03 apiece, exercisable on and before 18 months from date of issue.
The funds raised through placement are proposed to be applied towards –
Image source: Company update
SPP concluded in April 2024
Under the SPP, the company raised AU$463,500 by issuing 23,175,000 shares. Participants of the SPP will be offered one new option for every two shares allocated under the SPP, with a maximum of 11,587,500 new options to be issued under the SPP options offer.
The terms of SPP options are similar to the terms of placement options.
LU7 shares were trading at AU$0.015 apiece at the time of writing on 28 June 2024.