9 Sep 2022
Lithium Power International raises A$25 million via successful Placement
Funds to progress and accelerate the development of the Maricunga brine project in Chile
• Firm commitments received from institutional, sophisticated and professional investors to raise approximately A$25 million via a successful share Placement at A$0.60 per share.
• The successful Placement highlights support for the Company’s progress in Maricunga, with positive updated Definite Feasibility Study results announced earlier this year for its Stage One project.
• The Company is well-funded with pro-forma 30 June 2022 cash of A$31.5 million.
• Consolidation of 100% of Maricunga ownership as announced on 22 June 2022 progressing well with Notice of Meeting to be dispatched within the next month
5 Jul 2022 – LPI acquires holdings in Greenbushes and Eastern Goldfields
• Lithium Power has bought CMC Lithium and its Greenbushes Project in Western Australia, adding an extra 365km2 of prospective ground around Talison Lithium’s Greenbushes Mine, the world’s largest hard-rock spodumene operation
• Lithium Power has also acquired two tenements in the mineral rich Eastern Goldfields of WA, from private company Lysander Lithium
• The properties were acquired for a combination of cash and LPI stock
• Lithium Power now has tenements in each of the three major WA hard rock lithium areas – Greenbushes, the Pilbara Craton and the Eastern Goldfield
22 Jul 2022 – LPI to consolidate 100% ownership of Maricunga Project
• LPI to consolidate 100% ownership of the Maricunga brine project, by way of a three-party all-scrip merger with its JV Partners MSB SpA (owner of 31.31% of Maricunga) and TSXV listed Bearing Lithium (17.14%)
• The Transactionsincrease the current LPI shareholders’ proportionate interest in Maricungafrom the current 51.55% to ~57.9%1
• LPI will consolidate the ~48.45% of the Project that it does not currently own at a valuation which is a discount of ~17.1% compared with LPI’s current look through value of Maricunga
• LPI holding 100% ownership of the Project will simplify decision-making and provides the optimal structure to oversee the rapid development of Maricunga