RE: Prem31 Aug 2023 09:03
The Independent Directors have in particular taken into account that the Subscription is at the same issue price as the Placing announced on 25 August 2023, and provides additional funding to ensure that all anticipated cost associated with Zulu reaching commercial production in November are achievable. In addition, the Subscription provides additional contingency funding to cover any cash payment due in November in the event of any unforeseen delay of delivery of Spodumene in accordance with the amended agreement with Canmax as announced on 15 August 2023.
The Board also notes that Canmax, which is expected to maintain its interest in the Company, is listed on the Shenzhen Stock Exchange under the ticker 300390 with a market capitalisation of ¥22.9 Billion (£2.1billion) and has a track record of providing substantial shareholder support.