Altura increases share purchase plan again to $14m

Altura Mining has increased its share purchase plan (SPP) by $4 million, just two days after it upsized the offer from $5 million to $10 million.

In a statement, Altura said it increased the SPP to $14 million in order to meet investor demand, after it declared commercial production at its Pilgangoora lithium project on Wednesday.

The funds will be used for general working capital.

The company had previously been plagued by production problems at the mine, primarily due to an issue with the running time of the processing plant.

The share purchase plan is part of a capital raising which includes a $23 million share placement, with company directors contributing $15.46 million towards the placement.

Shares in Altura were up 10.71 per cent for the day to close trade at 16 cents each.