Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Investing

LU7 Raises $3.64 Million to Advance Closing the Lithium Conversion Gap Strategy

by May 1, 2024
May 1, 2024
LU7 Raises $3.64 Million to Advance Closing the Lithium Conversion Gap Strategy

Lithium Universe Limited (referred to as ‘Lithium Universe’ or the ‘Company,’ ASX: ‘LU7’) is pleased to advise that it has completed a $3,644,333.34 million capital raising to sophisticated investors, at a price of $0.02 for each one fully paid ordinary share (FPS) subscribed.

Highlights

Binding subscription agreements for $3,644,333.34Further development of the Québec Lithium Processing Hub (QLPH) strategyCapital raising in two tranches:Tranche 1 – 95,016,667 shares at $0.02 per share raising $1,900,333.34Tranche 2 – 87,200,000 shares also at $0.02 per share to raise a further $1,744,000.001:2 free attaching listed option and a $0.03 exercise price and expiry in 18 monthsCompany intends to list OptionsCompany to grant 1:2 Option to those who participated in the recent Share Purchase Plan

The proposed capital raising is to be conducted in two tranches, being:

Tranche 1 – 95,016,667 FPS; andTranche 2 – 87,200,000 FPS, to be issued subject to shareholder approval at the Company’s Annual General Meeting, to be held on 14 June 2024 (AGM).

As part of the above capital raising initiative one option will also be issued for every two FPS’s subscribed for, containing an exercise price of $0.03 per option and an expiry date of 18 months (Option). The issue of the Options will be subject to shareholder approval at the Company’s AGM. It is intended that the Options will be listed on the Australian Securities Exchange (ASX), with further details to be provided as soon as they come to hand.

The expected timing for completion of the above capital raising is as follows:

Tranche 1 – 10 May 2024; andTranche 2 – 28 June 2024 (assuming receipt of shareholder approval at the Company’s AGM).

LU7’s Executive Chairman, Iggy Tan, commented, “We are delighted with the outcome of this capital raising in a very difficult market, which demonstrates the strong support by sophisticated investors for our QLPH’s business strategy. I look forward to rewarding all shareholders by the anticipated success from this strategy”.

The capital raising has been led by the Company. However, in conducting the capital raising, the Company has used various brokers. For those brokers who introduced clients to the capital raising, a fee of 6% is to be paid to them.

Click here for the full ASX Release

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
Lithium Universe Limited (ASX: LU7) – Reinstatement to Official Quotation
next post
Biden plan to use Leahy Law sanction on IDF was ‘political,’ expert alleges: ‘Congress should consider’ probe

Related Posts

Is Now a Good Time to Buy Bitcoin?

July 6, 2023

White Gold Corp. Intersects 5.03 g/t Gold over...

November 9, 2023

Altech – CERENERGY Accredited Highest Possible Green Rating

January 24, 2025

5 Top Weekly TSXV Stocks: TAG Oil Surges...

February 19, 2024

Mining Leaders Call on Canada to Support Critical...

March 16, 2024

NeoTerrex Samples 9.21% TREO at Mount Discovery

February 8, 2024

How to Invest in Lab-grown Meat

July 12, 2023

FY24 Appendix 4E

February 28, 2025

John Ciampaglia: Copper Emerging from Slumber, is it...

April 3, 2024

Could the Silver Price Really Hit US$100 per...

February 29, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

    • Week Ahead: NIFTY Stays In A Defined Range; Moving Past This Level Crucial For Resumption Of Upmove

    • Editor’s Picks: Gold Faces Bumpy Week on Trade Tensions, Platinum Stages Breakout

    • Run Your Stock Portfolio Like a Pro Sports Team

    • Leadership Rotation Could Confirm Corrective Phase

    • Breakouts, Momentum & Moving Averages: 10 Must-See Stock Charts Right Now

    Categories

    • Business (1,223)
    • Investing (2,504)
    • Politics (3,699)
    • Stocks (1,616)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved