Anson raises A$14m to accelerate US lithium project
ASX-listed Anson Resources has secured A$14-million in firm commitments to advance its Green River lithium project in Utah, with the placement drawing strong support from new and existing institutional investors.
The equity raise, completed in a single tranche at A$0.08 a share, will fund further exploration and an updated Joint Ore Reserve Committee-compliant resource, as well as engineering work for the definitive feasibility study and front-end engineering design. Proceeds will also support low-cost maiden drilling at the company’s Yellow Cat uranium project and provide general working capital.
The issue price represents a 20% discount to Anson’s last closing price on November 18 and a 15.2% discount to the 15-day volume-weighted average price. Participants will receive one free-attaching listed option for every two shares subscribed for, exercisable at A$0.12 and expiring three years from issue. The options will be offered under a prospectus to enable secondary trading of shares issued on exercise.
Executive chair and CEO Bruce Richardson said the oversubscribed placement demonstrated investor confidence in the lithium sector and in Anson’s development strategy at Green River, which he described as benefiting from strong infrastructure, advanced permitting and established financing and offtake partnerships.
“The funds that have been raised will be used to further develop the project, to take it further along the pathway to production and deliver returns for our shareholders,” he said.
Anson’s core assets, Green River and the Paradox lithium project, are both located in Utah, where the company aims to build a significant US-based lithium operation to supply future energy and technology markets.
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