Highlights
AVZ receives firm commitments to raise
Placement supported by several Tier 1 North American and Australian institutions; was heavily oversubscribed with applications proportionately scaled back
Issue price of
Proceeds allow AVZ to undertake early site works program while awaiting award of mining licence
Seeding of long-term institutional investors supportive of AVZ's strategic vision to vertically integrate and invest in downstream lithium processing
AVZ continues to enjoy a collaborative and supportive relationship with the DRC Government and remains confident of positive outcome with respect to all licencing and permitting requirements for the
The placement was significantly oversubscribed and further confirms the significant level of interest in the Company's world-class
The successful capital raising allows the
The proceeds from the capital raise will allow the Company to undertake its early site works program to accelerate the project development timetable ahead of a decision on the Permis d'Exploitation (or
Commenting on the capital raising, AVZ's Managing Director,
'We are in close consultation with the DRC Government authorities that are undertaking the Mining Licence assessment and are confident of delivering a favorable outcome for all stakeholders - most importantly the people of the DRC and our shareholders'. 'Such a significant cash injection further de-risks the Company during a time where increased market volatility is apparent and global economic uncertainty still remains.
'The placement also assists our financing discussions, providing capital for up-front debt finance establishment costs and ensuring minimum liquidity requirements are met which provides AVZ with a solid foundation to negotiate favourable terms. 'We welcome our new shareholders and thank our existing shareholders for their continued support, in what is expected to be an exciting time in the development of this truly world-class asset.'
The Placement comprises 150,000,000 new Shares (4% of shares on issue post the Placement) at an issue price of
The issue price represents a 22% discount to the closing price on
Contact:
Tel: +61 8 6117 9397
Email: admin@avzminerals.com.au
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