Lithium Australia secures A$1.8m investment and launches SPP

Lithium Australia Ltd (ASX: $LIT) has signed agreements with The Lind Partners for an initial investment of approximately A$1.8m and total funding of up to A$7.5m. The company has also launched a share purchase plan to accelerate operational improvements in the battery recycling division and business development activities within the battery materials division.

Executive Commentary on Investment and SPP Launch

We are pleased to announce the launch of an SPP and signing of a placement agreement with Lind, a long-term supporter of Lithium Australia. Proceeds raised will help advance our growth strategy within our battery recycling division, continuing the momentum achieved following the signing of recycling agreements with improved commercial arrangements, and execution of an MMD off-take agreement. We will also undertake business development activities including off-take development and securing of strategic partners and funding for our battery materials division. Finally, a strategic assessment of potential monetisation pathways for our technology portfolio will also be completed. We look forward to FY25 and providing updates over the coming weeks and months.

Summary of Investment and SPP Launch

Lithium Australia has secured an initial investment of approximately A$1.8m and total funding of up to A$7.5m with The Lind Partners. The company has also introduced a share purchase plan to provide an opportunity for eligible shareholders to subscribe for a maximum of $30,000 worth of new shares. The funds raised will be utilized to drive key growth and business development initiatives across the battery recycling and battery materials divisions. The company aims to advance its growth strategy within the battery recycling division and undertake business development activities for the battery materials division. Additionally, a strategic assessment of potential monetisation pathways for the technology portfolio will be completed. The company looks forward to providing updates in the upcoming fiscal year.