Lithium Australia: Eyes $12.1m to commercialise subsidiaries

Lithium Australia eyes $12.1m to commercialise subsidiaries

• Lithium Australia (LIT) receives firm commitments to raise nearly $12.1 million via a share placement
• The funds will be raised through the issue of more than 185 million shares to existing shareholders and new high net-worth sophisticated and institutional investors at 6.5 cents
• Participants will also receive one free-attaching option for every two shares subscribed for, exercisable at 10 cents with expiry three years from issue
• LithiumAustralia will use the money to commercialise its subsidiaries, Envirostream Australia and VSPC, as well as for general working capital
• LIT shares are down 8.43 per cent and are trading at 7.6 cents at 1:40 pm AEST