- Arizona Lithium (AZL) taps investors for $10 million through a share purchase plan to fund exploration and development work across its North American assets
- The company says it plans to put a portion of the funds towards a potential listing on the Nasdaq exchange in the US
- Under the offer, AZL shareholders will be able to buy up to $30,000 worth of new shares at 4.5 cents per share — an 8 per cent discount to AZL’s last closing price
- All AZL directors intend to take up their full entitlement of $30,000, and larger shareholders have expressed the intention to take up their full entitlements
- AZL shares are down 8.16 per cent and trading at 4.5 cents at 12:31 pm AEST
Arizona Lithium (AZL) has tapped investors for $10 million through a share purchase plan to fund exploration and development work across its North American assets.
The company said the funds would go towards drilling and definitive feasibility study (DFS) work at Big Sandy in Arizona, as well as resource enhancement and tech development work in Canada as part of its Prairie Lithium acquisition.
Further, AZL said it would put a portion of the cash towards a potential listing on the Nasdaq exchange.
Under the share purchase plan, eligible Shareholders will have the opportunity to buy up to $30,000 worth of AZL shares at 4.5 cents per share — an 8 per cent discount to AZL’s last closing price.
The company said all directors intended to take up their full entitlement of $30,000, and a significant proportion of larger shareholders had expressed the intention to take up their full entitlements.
Participation under the plan is optional and will be exclusively available to registered shareholders at 5:00 pm on Friday, April 21, 2023.
AZL shares were down 8.16 per cent and trading at 4.5 cents at 12:31 pm AEST.