Cornish Lithium Ltd (“the Company” or “Cornish Lithium”), the innovative mineral exploration and development company based in Cornwall, UK, is pleased to announce that it has received shareholder approval for the transformational investment package of up to £18 million (the “Investment”) from TechMet Limited (“TechMet”), a leading technology metals investment company.
Shareholders holding over 89% of the Company’s issued share capital voted in favour of the transaction. Following the receipt of shareholder approval and in accordance with the subscription agreement, the Company has received the £9 million of funds for the first tranche of the investment package. As a result, the Company has a current cash balance of over £12 million.
Jeremy Wrathall, CEO and Founder of Cornish Lithium, said:
“We are delighted to have received such an overwhelming level of support from our shareholders for the TechMet investment. We will be able to utilise the funds the TechMet investment will provide to materially advance our portfolio of projects for the benefit of all shareholders. It is pleasing to see that the vast majority of our shareholders have recognised this and voted in favour of the transaction.”
For further information about Cornish Lithium, please contact:
Neil Elliot, Manager – Corporate Development.