Patagonia has raised $8.6 million before costs upon admission to the ASX.
Once admitted, Patagonia will have 58.565 million shares on issue, and a market capitalisation of about $11.1 million at an $0.20 per share issue price, and will trade under the ticker “PL3”.
Tightly held capital structure with the TOP6 shareholders owning 45%+ and TOP20 owning 67%
The company’s founders will retain about 8% and strongly support the projects.
As part of the ASX listing, almost $3.8 million was paid to the vendors of Tomas III, Formentera and Cilon. Patagonia now owns 100% of the projects.
Patagonia secured the option to acquire the projects more than two years ago when the lithium carbonate price was US$10,000 per tonne. The price for the critical chemical has now risen to US$26,000/t."
PL3 Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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