Highlights
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1 for 10 renounceable rights issue to raise up to $11.7 million, partially underwritten to $4.0 million
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Attractively priced at 1.8 cents per share
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Discount of 18% to the previous closing price and 31% to the 20 day volume weighted share price
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With every two new shares, shareholders will receive one free attaching option
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New options will be listed, have an exercise price of 3.0 cents and a two year term
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Shareholders can trade their rights and apply for additional shares and options
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Rights to start trading from 12 October 2022
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Eligible Directors intend to participate in the Offer
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Funds will be used to complete both Phase 1 Project Front End Engineering & Design and lender due diligence, and to start critical path Stage 2 EPCM works for both the concentrator and chemical plant
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Lepidico’s near term strategic imperatives are to extend Project life to over 20 years, complete FEED works to allow lenders to finalise their due diligence and secure a full funding solution to transition Phase 1 into construction, thereby positioning it as an early mover for this lithium price cycle
Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to announce a pro-rata Renounceable Entitlements Offer of fully paid ordinary shares in the capital of the Company (New Shares) on the basis of one (1) New Share for every ten (10) existing shares held at the record date of 13 October 2022 (Record Date) with 1 for 2 free attaching option (New Options).
For more information, download the attached PDF.
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