AFR: Macquarie, Euroz raise for gold and lithium play Firefinch
Gold miner and lithium developer Firefinch is drumming up institutional support for a $46.9 million capital raising to fund a ramp-up of its Morila mine in Mali.
The equity offer was pitched to funds by lead managers Euroz Hartleys and Macquarie Capital on Thursday, as well as co-managers Canaccord, Kett Capital Advisors and Petra Capital, at 40¢ per share – an 11.1 per cent discount to its 45¢ closing price on Wednesday.
Gold and lithium miner Firefinch is raising almost $47 million.
The capital will also support Firefinch’s exploration activities and resources development, plus bolster general working capital.
Interested parties had until 4pm on Thursday to participate in the capital raise, according to terms sent to funds.
The raising comes as Firefinch shares are up 350 per cent this, and soon after Chinese battery metals giant Jiangxi Ganfeng invested $250 million ($US130 million in equity funding and $US64 million in debt) for a 50 per cent stake of Firefinch’s Goulamina lithium project in the West African Nation of Mali.
Goulamina is expected to produce an average of 436,000 tonnes a year of spodumene concentrate, or 64,700 tonnes a year of lithium carbonate equivalent.
Firefinch had a $353 million market capitalisation prior to Thursday’s raising.
Source: The Australian Financial Review