Evolution Capital and PAC Partners launched the deal early on Wednesday.
ASX listed lithium hopeful Arizona Lithium is asking investors for $23.2 million to help progress its Big Sandy project in the United States.Stockbrokers Evolution Capital and PAC Partners launched the equity deal on Wednesday morning, seeking buyers at 12.5¢ a share.
The deal was at a 16.7 per cent discount to the last close. Shares sold had an attached option, on a one for two basis, exercisable at 18¢ in the coming two years. Funds raised would be used for a demonstration/pilot plant at Big Sandy, potential associated land purchases and exploration, according to terms sent to potential investors.The company had a $277.6 million on a market capitalisation basis, on a proforma basis and including the share issue.
The term sheet said Arizona Lithium reserved the right to raise up to another $9.3 million in oversubscriptions. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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