Lithium Universe eyes A$3 million via SPP
Melbourne, Victoria
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March 15, 2024 10:20 AM Eastern Daylight Time
Lithium Universe Ltd (ASX:LU7) CEO Alex Hanly sits down with Proactive’s Jonathan Jackson to discuss the initiation of a share purchase plan (SPP), aiming to raise A$3 million to bolster its endeavours in the North American lithium market. Funds from the SPP are earmarked for the progression of engineering studies and to supplement working capital, facilitating the design and development of a multifaceted spodumene concentrator and a lithium carbonate refinery. These projects are strategically located in Québec's James Bay and Bécancour regions, respectively.
Hanly highlights the SPP's goal to generate necessary capital while appreciating the ongoing support from previous Mogul Games shareholders and attracting new investors, offering shares at the price set during Lithium Universe's IPO in August 2023, via a re-compliance listing. Looking ahead to 2024, Hanly expresses optimism about reaching several critical milestones within the QLPH strategy.
The company's chairman Iggy Tan said: “The company is looking to raise working capital and reward previous Mogul Games shareholders and new shareholders for their continual support by pricing the SPP at the price of the Lithium Universe IPO completed in August 2023 (via a re-compliance listing).
"Despite the decline in lithium prices affecting numerous industry players, Lithium Universe is full steam ahead. We view the current short-term dip in lithium prices as an advantageous window to finalize feasibility studies for the QLPH (Québec Lithium Processing Hub) before the onset of the next cycle."
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
