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  • The Lind Partners have agreed to invest up to $6.3 million in Lithium Australia (LIT)
  • Lind Partners will initially pay $3 million to the company in two parts
  • The funds will go towards battery sales, battery recycling growth and working capital
  • Lithium Australia is up 35.19 per cent on the market this afternoon, trading at 7.3¢ apiece

The Lind Partners have agreed to invest up to $6.3 million in Lithium Australia (LIT), under a convertible security and share purchase funding agreement.

The agreement is underpinned by the ability to draw up to $6.3 million in a number of trances from the Investor. Lithium Australia will be able to carry out additional private placements of equity or engage in other financing transactions.

Lind Partners will initially pay $3 million to the company over two transactions. The funds will go towards battery sales, battery recycling growth and working capital.

Lithium Australia has the option to repay the convertible security in cash, subject to Lind Partners’ buyback conversion rights for up to 30 per cent of the outstanding Face Value.

The company says it has made a significant transition towards what is more diversified, revenue-producing business in one of the world’s fastest-growing sectors – batteries and battery minerals.

Lind Partners is a New York-based institutional fund manager. It has established a reputation as a flexible and supportive capital partner to junior companies, having completed over 100 direct investments totalling over $850 million in value.

Lithium Australia’s Managing Director Adrian Griffin says the agreement will prove the company’s balance sheet, allowing it to grow the business that is environmentally responsible and sustainable.

“The Lind Partners has been a long-time supporter of Lithium Australia and its directors, and we are pleased to continue our relationship with Jeff Easton and The Lind Partners,” Adrian said.

Lind has been following Lithium Australia since 2013.

“In that time we have seen Lithium Australia evolve from an explorer to a diversified battery and battery minerals company with three distinct complementary business units with excellent commercial potential,” Lind Managing Director Jeff Easton said.

“We are thrilled to invest in Lithium Australia and its management team to support the strategic plan of expanding operations into a diversified battery company,” Jeff added.

Lithium Australia is up 35.19 per cent on the market this afternoon, trading at 7.3¢ apiece at 2:56 pm AEDT.

LIT by the numbers
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