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Mali Lithium : Renounceable Entitlement Issue

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09/18/2019 | 12:42am EDT

18 September 2019

Entitlement Issue

HIGHLIGHTS

  • One-for-fourRenounceable Rights Issue to raise up to $5.3 million
  • Attractively priced at $0.08 per share, a discount of 20% to the last price of $0.10, 27% to the 30 day VWAP and 37% to the 90-day VWAP
  • For every 2 new shares issued, shareholders will receive one new listed option ($0.15 exercise price, 2-year term)
  • Shareholders can trade their rights and apply for additional shares and options
  • Rights to start trading from 20 September 2019
  • Board members to participate for their entitlement
  • Capital Drilling Ltd committed to take up $900,000 from the shortfall.

Entitlement Issue

Mali Lithium Limited (ASX: MLL, Mali Lithium, or the Company) is pleased to announce that it has launched a Renounceable Rights Issue to raise up to $5.3 million.

The Renounceable Rights Issue has been offered on a one-for-four basis at $0.08 per fully paid ordinary share to raise up to approximately $5.3 million, with one attaching listed option (exercise price of $0.15 and 2-year term) for every two new shares subscribed for under the Renounceable Rights Issue. The Company will apply for listing of new shares and new options on the ASX.

The Renounceable Rights Issue is partially underwritten to $2.5 million by CPS Capital Group Pty Ltd. Eligible shareholders can trade their rights and apply for shortfall in excess of their entitlement. The rights will commence trading on 20 September 2019.

Commenting on the Rights Issue, Mali Lithium Managing Director Chris Evans said: "We are pleased to be able to offer shareholders the opportunity to participate in this raising on such favourable terms. This has been an extremely busy time for the Company culminating in the Goulamina Lithium Project receiving a full Exploitation Permit (Mining Licence) from the Mali Government.

The proceeds from the Rights Issue will put Mali Lithium on a solid footing to complete a range of development initiatives at the Goulamina Lithium Project and undertake exploration to unlock value on our gold tenements. We look forward to updating shareholders as we complete each of those milestones over the coming months, and thank Shareholders for their ongoing support.

"We also thank CPS Capital Group for their participation in partially underwriting the Renounceable Rights Issue

Funds raised will be used for:

  • Drilling work aimed at expanding the Goulamina lithium resource
  • Drilling work at the Massigui and Dankassa Gold Prospects
  • Downstream processing Scoping Study
  • Construction of an exploration Camp at the Goulamina Project
  • Definitive Feasibility Study augmentation
  • Working capital
  • Associated Rights Issue costs

The Renounceable Rights Issue provides shareholders with a registered address in Australia or New Zealand with the opportunity to take up new shares proportional to their shareholding and avoid dilution. The Company reserves the right to, depending upon the success of the Offer, to issue additional securities on the same terms as the Renounceable Rights Issue, using its existing 15% capacity.

A prospectus for the offer and a personalised entitlement and acceptance form will be sent to eligible shareholders in accordance with the below timetable. Shareholders should consider the prospectus in deciding whether to acquire the securities. Eligible shareholders wishing to participate will need to complete the application form that will accompany the prospectus.

The indicative timetable for the Renounceable Rights Issue is as follows:

Ex-date - Shares trade ex-Entitlement(Ex-Date)

20

September 2019

Rights trading starts on a deferred settlement basis

Record date to determine Entitlement (Record Date)

23

September 2019

Prospectus with Entitlement and Acceptance Form dispatched

26

September 2019

Offer opens for receipt of Applications

Rights trading ends

3 October 2019

Closing date for acceptances

10

October 2019

Notify ASX of under-subscriptions

15

October 2019

Issue of New Shares Dispatch of shareholding statements

17

October 2019

Normal trading of New Shares expected to commence

18

October 2019

The above timetable is indicative and may change, subject to the Corporations Act and Listing Rules.

The Company has agreed to issue 3 million Listed Options, and an additional 2 million Listed Options if the Renounceable Rights Issue is fully subscribed, to CPS Capital or its nominees. CPS Capital can also, subject to the Listing Rules, elect to receive certain fees in relation to its underwriting agreement in securities on the same terms as offered under the Renounceable Rights Issue. These issues will be made without Shareholder approval and relying upon the Company's existing 15% capacity. See the prospectus for details.

Accompanying this announcement is a brief presentation prepared by the Company.

Further Information:

Chris Evans

Michael Soucik

Managing Director

CPS Capital Group

Mali Lithium

+61 0400 123 283

+61 419 853 904

About Mali Lithium

Mali Lithium Limited (ASX:MLL) is developing the world class Goulamina Lithium Project in Mali, West Africa. Goulamina is fully permitted and is the world's largest uncommitted hard rock Lithium Reserve. The company is currently completing its Definitive Feasibility Study and has released the results of its Pre-Feasibility Study (PFS) on the project to the ASX on 4 July 2018.

The Company also has a diversified commodity portfolio containing prospective gold tenements in southern Mali from which it intends to generate near term value for shareholders.

WORLD'S LARGEST UNCOMMITTED HARD ROCK LITHIUM RESERVE

Mali Lithium Ltd (formerly Birimian Ltd) is developing the world class Goulamina Lithium Project, as well as unlocking value

in its highly prospective Gold tenements both in Mali, West Africa.

Company highlights include:

  • Goulamina Lithium project fully permitted and ready to mine
  • 103MT Resource @ 1.34% Li2O
  • 31MT Reserve @ 1.56% Li2O
  • DFS complete early 2020
  • Upcoming Gold drilling on tenements that have already had > 60,000oz Gold mined in company JV with Barrick Gold

malilithium.com

info@malilithium.com

Important notices

Nature of Document: This presentation has been prepared and issued by Mali Lithium Limited (Company) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company and its advisers have not verified the accuracy or completeness of the material contained in this presentation.

Not an offer: This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

Not financial product advice: Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products. You should not act and refrain from acting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis of the Company before making any investment decision.

Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

Previously Reported Information: This presentation refers to information previously announced to the ASX, which is available to view on the Company's website at www.malilithium.com: Mineral Resources in the

announcement entitled "18.06.19 Danaya Mineral Resource Upgrade" (ASX: BGS 29 June 2018). Ore Reserves in the announcement entitled "High Grade Maiden Ore Reserve for Goulamina" (ASX: BGS 4 July 2018).

Proof of concept study results from "Proof of Concept Study Results" (ASX: BGS 3 December 2018). LOI with Changsha/Minmetals from "Letter of Intent Signed with Changshä" (ASX: BGS 10 December 2018). MOU with

General Lithium from "General Lithium Corporation". (ASX: BGS 11 December 2018). Placement outcomes (See ASX:BGS Announcement 3 January 2019 "Placement Completion") ASX Announcement "Birimian Appoints

new Managing Director" (ASX: BGS 24 January 2019) Environmental Approval Received - Goulamina lithium Project (See ASX:BGS 7 March 2019. The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcements referred to above, and that all material assumptions and technical parameters have not materially changed. There is information in this presentation relating to the outcomes of the Goulamina updated Pre-feasibility Study announced to the ASX on 4 July 2018 in the release entitled 'Goulamina Updated PFS Delivers Strong Project Outcomes'', which is available on the Company's website at www.malilithium.com. The Company confirms that all the material assumptions underpinning the Production Target and the forecast financial information derived from the Production Target in the original announcement continue to apply and have not materially changed.

P2 | World's Largest Uncommitted Hard Rock Lithium Reserve | ASX:MLL

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Mali Lithium Limited published this content on 18 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2019 04:41:03 UTC

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