Lithium Power International Ltd

Canaccord Genuity acts as Sole Underwriter, Bookrunner & Lead Manager to a AUD$36 million placement of shares and options underwrite for Lithium Power International Limited

Canaccord Genuity is pleased to announce the completion of a placement of approximately 27.3 million new fully paid ordinary shares at an issue price of AUD$0.55 per share, raising gross proceeds of AUD$15 million. Additionally, Canaccord Genuity underwrote approximately 37.5 million outstanding options exercisable at AUD$0.55 per share, which upon exercise, raised AUD$21 million. Canaccord Genuity acted as Sole Underwriter, Bookrunner and Lead Manager to the transaction which raised a total of AUD$36 million.

Lithium Power International (ASX.LPI) is a pure-play lithium developer with a strategic focus on the Maricunga lithium brine project located in Chile.  

The proceeds of the transaction will be principally used to expedite payments of the remaining US$7.5 million earn-in which will finalise LPI’s 50% ownership in the Maricunga Joint Venture, contribute to pre-construction programs at Maricunga and fund other strategic initiatives associated with the Maricunga Joint Venture.