Global Lithium Resources has attracted funding from one of the world’s largest EV battery producers via a $13.6 million capital raise while Blackstone Minerals is on track to raise $60 million.
Global Lithium Resources has attracted funding from one of the world’s largest EV battery producers via a $13.6 million capital raise while Blackstone Minerals could raise up to raise $60 million from investors.
Pilbara-focused Global Lithium looked to investors to raise cash for drilling and test works at its wholly-owned Marble Bar lithium project, offering shares at a 37 cents apiece.
The search for capital returned a $6.2 million investment from Yibin Tianyi, the lithium chemical faction of Chinese battery giant Contemporary Amperex Technology (CATL).
The company will take up roughly 16.7 million shares in Global Lithium.
A further $7.3 million comprising 19.7 million shares was subscribed for by institutional and sophisticated investors.
The remaining $150,000 was picked up by select Global Resources directors.
Global Lithium managing director Jamie Wright said the funds would allow his company to ramp up activities on site and thanked shareholders for their support.
“To be able to secure support from a lithium industry participant with the credibility of Yibin Tianyi is a strong vote of confidence in our Company and we look forward to developing our relationship with them over time,” Mr Wright said in a statement.
Global Lithium listed on the ASX earlier this year.
Euroz-Hartleys and Argonaut acted as joint lead managers on the capital raising.
Meanwhile, Blackstone is looking to get the next phase of its nickel sulphide pilot plant in Vietnam in motion with proceeds from a $55 million placement and $5 million share purchase plan.
Shares in the ASX-lister were offered to potential backers at a 5.1 per cent discount on its 10 day volume weighted average price at 58 cents.
The placement will be split across two tranches.
The first of which comprising roughly 38.1 million shares to the tune of $22 million will be unconditional.
The second tranche will require shareholder approval for the remaining 56.6 million shares and $32 million cash to be issued.
Eligible stakeholders will also be able to take up shares at the placement price via a follow-up share purchase plan intended to raise $5 million.
Blackstone managing director Scott Williamson said the Ta Khoa project was a rare growth opportunity and had attracted significant interest during its bookbuild.
“In the coming months the Company will deliver updated and maiden resources for its key development targets at Ta Khoa,” Mr Williamson said.
“The Company is well capitalised to independently de-risk the project and thereby organically elevate its status as a supplier of choice into lithium-ion battery and electric vehicle supply chains.”
Shaw and Partners, Evolution Capital and PAC Partners acted as joint lead managers to the Blackstone placement.
Blackstone shares closed today’s session down 12.23 per cent at 61 cents.
Global Lithium shares were up 34.02 per cent to trade at 65 cents.
