Lithium ion battery materials group Lithium Australia (ASX: LIT) has raised $6.4 million from New York institutional investor The Lind Partners.
Lind will provide $3 million initially and subsequently subscribe to new shares on a monthly basis to the value if $3.4 million.
The initial raising is in the form of a secured convertible security and $100,000 in new Lithium shares.
The funds plus Lithium’s funds on hand will be used to:
# grow the company’s Soluna Australia battery business.
# Speed commercialisation of the company’s cathode manufacturing business carried out by subsidiary, VSPC.
# grow the company’s battery recycling business operated by subsidiary Envirostream Australia.
# and for working capital.
Lithium managing director Adrian Griffin said the company had made a transition towards revenue producing businesses.
He said: “This funding agreement will improve the company’s balance sheet, allowing us to grow our business in ways that are environmentally responsible and sustainable.”
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