ASX-listed Mali Lithium on Wednesday announced plans to raise A$70-million to fund the acquisition of acquire the Morila gold mine from majors Barrick and AngloGold Ashanti.
The capital raise will consist of a A$64-million share placement, with an additional A$6-million to be raised under a share purchase plan (SPP).
An initial 47.6-million shares will be placed under Mali Lithium’s initial placement capacity, priced at 16c a share to raise A$7.6-million. A second tranche placement of some 354.2-million shares will be subject to shareholder approval at a meeting expected in late October.