Australia’s Vulcan Energy Resources said on Thursday it had launched a fully underwritten capital raise worth A$109 million ($72.39 million), in an effort to develop its net zero carbon lithium project in Germany.
The lithium producer had announced in late-April that Nobian GmbH would invest $177.76 million in the company’s main lithium plant in Germany in exchange for a 50% stake in the entity controlling the main lithium plant.
Vulcan said the funds will be utilised to order construction items used for building the phase one of the lithium project, among others.
The placement, which is priced at A$5.10 per share represents a 17.2% discount to the last trading price, before shares of the company entered a trading halt earlier in the day.
($1 = 1.5058 Australian dollars)
(By Archishma Iyer; Editing by Shailesh Kuber and Uttaresh Venkateshwaran)
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