Orocobre Limited supports a private placement by Advantage

  • Jul 27, 2018 AEST
  • Team Kalkine
Orocobre Limited supports a private placement by Advantage

Supports Advantage Lithium private placement: Orocobre Limited (ASX: ORE), a supplier of global lithium carbonate and  an established producer of boron, witnessed a stock price fall of 1.61% on July 27, 2018 after the company agreed with Advantage Lithium Corp. to support Advantage’s private placement. ORE is now participating on a pro-rata basis in a C$12 million private placement by Advantage Lithium. The company has signed subscription agreements on July 26, 2018 with Advantage Lithium Corp., according to which ORE will subscribe for 15,064,956 common shares of Advantage Lithium at a price of $0.77 per common shares (for an aggregate subscription amount of $11,600,016.10). ORE has also entered into an agreement on July 26, 2018 with a third party whereby ORE has agreed to sell 8,571,450 common shares of Advantage Lithium to such third party at a price of $0.77 per common shares (for an aggregate sale price of $6,600,016.50). These transactions are subject to satisfaction of certain conditions. ORE is doing these transactions for investment purpose while Advantage will use the fund for general working capital, and to fund continued development and exploration activities on its Lithium properties in Argentina. Further, the shares issued related to Private Placement will be subject to a four month hold period from the date of closing. On the other hand, ORE stock has fallen 5.14% in three months as on July 26, 2018.

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