*Hi Shelly, Welcome aboard the AVZ Train to Lithium Town in the DRC
Here's another article from earlier today as the "Juggernaut" rolls on, as
Lithium juggernaut AVZ raises $75m, hits all time high
AVZ raises $75m, now has 90% of funding required to build Manono lithium project
On Friday, this advanced lithium project developer received firm commitments to raise $75m from institutions and sophisticated investors.
It means that 90% of funding to build the monster Manono lithium and tin project in the DRC is now secured, on paper.
The issue price of 50c per share represents a discount of 22% to the last closing price — but that follows a doubling of AVZ’s share price during the past two months, so the mark down is not as bad as it looks.
The company is now waiting on the all-important Mining License which managing director Nigel Ferguson says is “taking longer than we had previously anticipated”.
“We are in close consultation with the DRC Government authorities that are undertaking the Mining Licence assessment and are confident of delivering a favourable outcome for all stakeholders – most importantly the people of the DRC and our shareholders,” he says.
the second highest grade undeveloped deposit in the world
in the bottom cost quartile for production globally, and
in the bottom quartile for greenhouse gas emissions
Over the past year or so AVZ has inked long-term, binding sales agreements with three major Chinese lithium converters for 80% of its 6% Li2O spodumene concentrate.
It has also brought on cornerstone investor CATH Energy Technologies, who will shell out $US240 million for a 24% direct interest, plus another ~$160m to get the ~$US540m project into development.
The $2.32bn company is up 25% over the past month, and 313% year-to-date.
Stewart was right when he wrote, Big Future For Congo Mine
Food for thought
GLTA-AVZH's
Frank
AVZ Price at posting:
69.5¢ Sentiment: Buy Disclosure: Held
