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SYDNEY, Australia, Oct. 27, 2022 (GLOBE NEWSWIRE) -- Lithium Power International Limited (ASX:LPI) (“LPI” or “the Company”) is pleased to provide shareholders with an overview of quarterly activities for the period ending 30 September 2022 (“Quarter”, “Reporting Period”), including subsequent events that might have a significant impact between 30 September 2022 and the date of issuance of this Report.
HIGHLIGHTS
The consolidation of ownership of the Maricunga Lithium Brine Project by way of a three-party all-scrip merger with our JV partners – MSB SpA (owner of 31.31% of Maricunga) and Bearing Lithium (17.14%) – advanced as planned during the quarter and is expected to close during November.
An EGM of shareholders has been called for the 28th of October 2022 to seek approval of the consolidation transaction.
The consolidation will significantly de-risk the project’s funding and create a simple and transparent investment vehicle.
The outcome is expected to boost returns to LPI’s current shareholder base by lifting their proportionate ownership from 51.55% to 57.9% of the Maricunga Project.
MSB continues with its project financing process, which is being assisted by Treadstone and Canaccord. Several expressions of interest in relation to debt and equity funding have been received, which are being reviewed by LPI management and Canaccord. The process will progress as expected during the upcoming months.
Significantly increased tenement holdings in Western Australia, to become the largest coverage in the Greenbushes Region and adding to the region profile by acquiring additional exploration tenements in the Eastern Goldfields, WA.
Demerger and subsequent listing of the Western Australia holding company to be deferred until Q1 2023 with the consolidation of MSB taking precedent and was a prerequisite to the demerger.
Successful raise of $AU25m through a single tranche placement to institutional, sophisticated and professional investors. Funds will be primarily used to progress and accelerate the development of the Maricunga project.
To read the company’s full ASX release with the results of its Activity Report for the Quarter ended September 2022, please click here.
Forfurtherinformation,pleasecontact:
CristobalGarcia-Huidobro,CEO or AndrewPhillips–CFOLithiumPowerInternational
Arrowhead Business and Investment Decisions, LLC Thomas Renaud | Managing Director 42 Broadway, 17th Floor, New York, NY 10004 Ph: +1 212 619 6889 E: enquire@arrowheadbid.com
