31/05/2019 - 14:31

Lepidico to raise $11m

31/05/2019 - 14:31

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Lepidico has raised $10.8 million via a rights issue, with the funds to go towards its lithium hydroxide production product.

Lepidico to raise $11m
Shares in Lepidico were up 10.7 per cent on the news.

Lepidico has raised $10.8 million via a rights issue, with the funds to go towards its lithium hydroxide production product.

The company said the rights issue was oversubscribed, and as a result, it would seek to raise an additional $250,000 through a share placement.

Lepidico thanked all its shareholders for their support, including Galaxy Resources, which took up its full entitlement.

Lepidico will use the net-proceeds from the offer to immediately commence LOH-Max development and engineering work, along with location trade-off study for the phase one plant,” it said.

“Product development and qualification work will commence once material becomes available from the pilot plant, which is now in the advanced stages of commissioning.”

LOH-Max produces lithium hydroxide from lithium sulphate, using conventional industrial equipment and without the production of sodium sulphate.

The company said it has lower capital and operating costs than current conversion of lithium sulphate to either lithium carbonate or hydroxide.

Shares in Lepidico were up 10.7 per cent to trade at 3.1 cents each at 4pm AEST.

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