Lithium developer AVZ Minerals will raise A$10.6-milliion through a share placement to China’s Yibin Tianyi Lithium Industry, which will take a 9% stake in the Australian firm.
Under the placement agreement, Yibin Tianyi will subscribe for 237.5-million shares in AVZ, priced at 4.5c each. While the Chinese firm would hold a 9% interest in AVZ following the placement, the new shareholder would not be entitled to a board seat.