Cornish Lithium confirms that its US$67 million (£53.6 million) initial investment from a group of leading institutional investors has been approved by the Company’s shareholders. The investment was voted through with an overwhelming majority at the Company’s General Meeting on Wednesday 30 August with 99.89% of shareholders voting in favour of the transaction. It is notable that over 92.64% of shareholders voted during the poll which is a resounding vote of support.
Led by the UK Infrastructure Bank alongside The Energy & Minerals Group (EMG) and TechMet, this funding package is expected to greatly accelerate progress toward the creation of a domestic supply of battery-grade lithium compounds and is considered an important step in creating a secure and responsible electric vehicle supply chain in the UK. The investors have the opportunity to invest up to an additional US$210 million (c.£168.0 million) as a second-stage investment, which is anticipated to establish the equity portion of funding required to achieve commercial production at the Company’s Trelavour hard rock lithium project.
Ian Cockerill, Independent Non-Executive Chairman of Cornish Lithium, said: “We are delighted to see such high levels of support from our existing shareholders, with not only 99.89% of votes in favour, but 92.64% of our shareholders voting on the transaction. This represents an unprecedented level of both shareholder support and engagement and is a resounding vote of support from our shareholders. This further demonstrates the incredible degree of interest in Cornish Lithium and support from our shareholders, which is greatly appreciated by the management and the board of the Company.”
Jeremy Wrathall, Founder and CEO of Cornish Lithium, said: “This is a transformational transaction for Cornish Lithium. The funding approved by our shareholders will enable us to progress our Trelavour hard rock lithium project to a construction-ready status as well as complete the engineering design work required to build a demonstration-scale geothermal waters extraction facility. These project milestones are expected to create substantial benefits for all our stakeholders.”
Upcoming Retail Share Offering
Following the closing of this round of investment, Cornish Lithium is set to open a further retail share offering through Crowdcube in September. The offer will be for up to £6.9 million and will prioritise its existing shareholders, with further details due to be announced shortly.
Sign up for early access here: www.crowdcube.com/early-access/cornish-lithium
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