Vulcan Energy Resources (ASX:VUL)
has secured commitments to raise $120 million through a placement at $6.50 per share.
The company aims to become the world’s first zero carbon lithium producer for electric vehicle batteries.
The cornerstone investment was provided by Gina Rinehart’s company, Hancock Prospecting.
Proceeds from the placement will support Vulcan’s zero carbon lithium project.
Shares in Vulcan Energy (ASX:VUL)
are trading 20.15 per cent higher at $9.42.