Highlights
• Maiden JORC-compliant Lithium Resource update expected to be released in May 2017.
• Decision made to move forward a milestone payment of US$5.5m to fast track development of the high grade Maricunga lithium brine project in Chile.
• Successful domestic and international institutional placement to raise $12 million.
• Company pleased to receive strong support from high-profile investors, including Toronto based International Resource Fund – Sprott Capital.
Lithium Power International Limited (ASX:LPI) (“LPI” or “the Company”) is pleased to provide an update of the developments of the Maricunga Lithium Brine Joint Venture Project in Chile (the Project). The Company also announces a successful institutional placement (“Placement”) of approximately 31.58 million fully paid ordinary shares at an issue price of $0.38 (38 cents) (“Offer Price”) to raise approximately $12 million (before costs).
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