Core Lithium Ltd (ASX: CXO) has announced a successful bookbuild for a $50 million institutional placement and the launch of a share purchase plan (SPP) to advance the Finniss Lithium Project. Core Lithium is an Australian hard-rock lithium company that owns the Finniss Lithium Operation on the Cox Peninsula, south-west of Darwin. The company aims to generate sustained shareholder value from critical minerals exploration and mining projects while maintaining strong environmental, safety and social standards.
The placement, priced at $0.105 per share, received firm commitments for gross proceeds of $50 million. It garnered strong support from new institutional investors, including cornerstone investors from the Americas and Australia, led by Fourth Sail Capital LP. In addition to the placement, Core Lithium intends to undertake an SPP at the same issue price of $0.105 per share, targeting to raise up to $10 million from eligible shareholders in Australia and New Zealand.
The proceeds from the placement will be used to accelerate the Finniss Lithium Project towards a positive final investment decision (FID). This includes ordering long-lead items, recommencing BP33 boxcut and decline development, undertaking operational readiness activities, and strengthening the company’s balance sheet. SPP funds will be allocated to additional working capital.
Core Lithium shares are expected to resume trading on the ASX today, 28 August 2025. Tranche 1 of the placement is expected to settle on 3 September 2025 and commence trading on 4 September 2025. Tranche 2 is subject to shareholder approval at a meeting expected in early October 2025. The SPP offer booklet is expected to be released on 4 September 2025, with the SPP closing on 24 September 2025.
