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Highlights
- Lithium Universe has closed Tranche 1 capital raising of AU$1.90 million.
- Tranche 1 entails the issue of 95 million shares for AU$ 0.02 per share.
- The company aims to raise a further AU$1.74 million from Tranche 2.
- Tranche 2 will comprise 87.2 million shares at AU$0.02 per share.
Lithium Universe Limited (ASX: LU7), an Australian company, has completed Tranche 1 capital raising of AU$1,900,333 from sophisticated investors. Tranche 1 comprised 95,016,667 fully paid ordinary shares (FPS) for AU$0.02 per share.
Lithium Universe aspires to establish a spodumene-producing mine in Québec, Canada. The company has access to substantial lithium prospects in Tier 1 mining jurisdictions spanning Australia and Canada.
As part of the Tranche 1 issue, shareholders will receive one option for every two shares subscribed. Each option will have an exercise price of AU$0.03. The option will have an expiry date of 18 months after the issue. However, the issuance of these options is contingent upon shareholder approval. It is planned for listing on the Australian Securities Exchange.
The company has proposed a capital structure based on the above Tranche 1 issue,
Data source: Company update
Additionally, the company has received binding commitments for approximately 87.2 million FPS under its Tranche 2, subject to shareholder approval, expected on 14 June 2024. Investors in the Tranche 2 placement will also receive options on the same terms as Tranche 1 investors, subject to shareholder approval.
The company aims to divert funds from capital raising for further development of the Québec Lithium Processing Hub (QLPH) strategy.
Data source: Company update
The closing price of LU7, as of Friday on 10 May 2024, was AU$0.020.