Lithium play Vulcan Energy Resources was expected to launch a $109 million raising on Thursday morning.
Fund managers expected Vulcan to offer shares at $5.10 a pop, or a 17.2 per cent discount to the last close of $6.16.
Canaccord Genuity was acting as the global coordinator, and was the joint lead manager alongside Bank of America.
Vulcan’s been working on a zero-carbon lithium project in Europe that co-produces renewable geothermal energy on a scale. The pitch has attracted both deep-pocketed investors and short-sellers.
It has completed a pilot plant operation and says it can process lithium with zero fossil fuels or carbon footprint, but is yet to switch into commercial production.
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