AVZ Minerals announced the success of its placement to raise $9.8 million. Combined with the recently implemented Share Purchase Plan this will bring the total proceeds from the new share issues to $15 million.
The Placement was completed at 3.8¢ per share and 257 million new shares will be issued under the Company’s 15% placement capacity.
“This Placement together with the oversubscribed SPP will leave AVZ fully funded to final investment decision. I would like to thank Huayou Cobalt Group for its continued support and also welcome Lithium Plus and a number of new Australian and global institutions to our register. We look forward to working with Huayou Cobalt Group and Lithium Plus in developing the World-Class Manono Lithium and Tin Project.” Said Managing Director, Nigel Ferguson
“The placement comes at an exciting time for participants in the lithium industry as interest in EVs in the world’s largest vehicle market surges. The Company notes that sales of electric cars in China is reported to have increased 188% in January 2019” (source: The Australian Financial Review 23-24 February 2019, “Car Makers Brace for Electric Shock” written by Hans van Leeuwen).
About AVZ Minerals LTD
AVZ Minerals Ltd is a junior mineral exploration company focused on developing the Manono Project located in the south of the Democratic Republic of Congo (DRC) in central Africa. AVZ has a 60 per cent interest in the Manono Project.
The Manono Project is potentially one of the world’s largest lithium-rich LCT (lithium, caesium, tantalum) pegmatite deposits. The Manono pegmatite extends for a strike length of at least 13km and is more than 240m thick in places. The Manono Project includes the historic Manono Mine, a pegmatite deposit mined for its tin content from 1919 to 1982.
The Company also holds a 100 per cent interest in the Manono Extension Project which surrounds the Manono Project.
In addition, AVZ holds a 60 per cent interest in the Katanga Regional Project which comprises seven exploration licences in the Kibaran Belt in southern DRC which are known to host lithium-bearing pegmatites.
AVZ listed on the Australian Securities Exchange (ASX) in 2007 under the code AVZ.