AFR: Firefinch prices raising, blasts terms
Lithium and gold explorer Firefinch has settled on a $100 million placement, after investor sounding earlier this month.
The offer was priced at 67c a share, an 11.3 per cent discount to Wednesday’s close.
The money is going towards its capital expenditure, resource definition and regional exploration on gold project Morilla; and exploration and other costs at lithium project Goulamina. Both are in Mali.
The raise comes three days after Firefinch’s release of a definitive feasibility study on its Goulamina lithium joint venture in Mali, which is due to be spun out into a listed company early next year.
The DFS said Firefinch had the potential to become the third largest lithium producer globally, and its project was development ready. The final investment decision was due end of 2021, with first production slated for early 2024.
Canaccord Genuity and Jett Capital Advisors were the joint lead managers and bookrunners. Euroz Hartleys, Macquarie Capital and Petra Capital were co-managers on the placement.
Bids were due 5pm Thursday for Asia Pacific investors and 6am Friday for the rest of the world.
It was not underwritten.
Source: The Australian Financial Review