Pilbara Minerals announce equity raising for Chinese battery company

Company News

by Rachael Jones

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Last Updated: 6/12/2019 11:43 AM

Pilbara Minerals (ASX:PLS) has announced an equity raising with a strategic placement of $55.0 million to the leading Chinese battery manufacturer for electric vehicles, Contemporary Amperex Technology.

This is together with an institutional placement of $36.5 million to raise approximately $91.5 million in total.

The Placement will comprise the issue of approximately 305.1 million new Pilbara Minerals ordinary shares at a price of $0.30 per share.

In addition to the Placement, a SPP is expected to raise up to an additional $20.0 million from eligible shareholders, for potential total raising proceeds of $111.5 million.

Shares in Pilbara Minerals (ASX:PLS) last traded at $0.35.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.