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- Altura Mining has announced it will undertake a capital raising of approximately $21.5 million
- This capital raising will be undertaken through a non-renounceable entitlement offer of two new fully paid ordinary shares (New Shares) for every thirteen existing fully paid ordinary shares
- The shares will be issued at a price of $0.06 per share
- Funding from the placement will be going towards; exploration of the highly prospective tenements in the Pilbara and capital works on the Altura lithium process plant at Pilgangoora
- Altura mining dropped 6.25 per cent and is selling shares for $0.060 per share
Altura Mining has announced it will undertake a capital raising of approximately $21.5 million.
This capital raising will be undertaken through a non-renounceable entitlement offer of two new fully paid ordinary shares (New Shares) for every thirteen existing fully paid ordinary shares held by Eligible Shareholders.
The shares will be issued at a price of $0.06 per share.
Funding from the placement will be going towards; exploration of the highly prospective tenements in the Pilbara and capital works on the Altura lithium process plant at Pilgangoora.
Altura Managing Director James Brown said the funds raised through the Entitlement Offer would provide Altura with a strengthened balance sheet to underpin the company as it advanced to full production at the Altura.
“Altura has made excellent progress with the construction and commissioning of the Pilgangoora project. We are now approaching full production rates, driving down unit operating costs and generating substantial cash operating margins on sales,” James said.
“We have binding offtake agreements in place with multiple large lithium converters and battery manufacturers and we are continuing to make regular shipments of high-quality spodumene concentrate to our customers,” he added.
The company has also entered into an agreement with Katsura Holdings for the provision of a $2.8 million unsecured, interest free loan (Loan) for the purposes of providing funds for Altura’s general working capital requirements during the capital raising period.
Katsura is a company controlled by Mr Buckler, a Director of the company who also holds a relevant interest in 13.41 per cent of all shares in the capital of Altura.
“Under the Loan Agreement, Mr Buckler has committed to take up his full entitlement under the Entitlement Offer and the application money in respect of Mr Buckler’s participation in the Entitlement Offer will be used to repay the Loan in full,” the company added.
Altura mining dropped 6.25 per cent and is selling shares for $0.060 per share at 4:10pm AEDT.
