ASX-listed Mali Lithium has completed a renounceable Rights Issue effectively raising $4.25 million for further development at its Goulamina project in Mali.
Mali Lithium MD Chris Evans says: “We would like to thank shareholders for their ongoing support and welcome new shareholders who recognise the exciting potential of our world-class Goulamina project and our Malian gold holdings.
“The funds we have raised will go towards drilling work aimed at expanding the lithium resource base at Goulamina, as well as exploration drilling at our nearby Massigui and Dankassa Gold Prospects.
“Funds will also be allocated to enhancing the Goulamina Definitive Feasibility Study and construction of a project camp at Goulamina.”
For every 2 new shares, investors receive one free listed option with exercise price of $0.15 and term of two years. The Rights Issue closed on 10 October 2019 and Mali Lithium has received applications for 52.8 million shares from shareholders and new investors, representing approximately 81% of the amount being raised.
All company directors participated in the rights issue.
Source: Mining Review Africa