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LONDON - Zinnwald Lithium PLC (AIM:ZNWD.L) has raised £3.15 million before expenses through a share placement at 5 pence per share, according to a press release statement issued Tuesday.
The German-focused lithium development company completed the fundraising through a combination of a subscription and placing. AMG subscribed for 40 million shares, increasing its shareholding to 29.57% of the enlarged share capital, while CEO Mark Tindall subscribed for 8.4 million shares, raising his stake to 5.24%.
The subscription portion raised £2.42 million, while an additional 14.69 million placing shares were purchased by institutional and professional investors, generating £734,550. Henry Maxey, a 14.62% shareholder, acquired 10 million placing shares in the placing, slightly increasing his ownership to 14.74%.
Oberon Capital and Tamesis Partners served as joint bookrunners for the placing. The company expects the 63.09 million new ordinary shares to be admitted to trading on AIM around June 24, 2025.
A separate retail offer is scheduled to close on June 18, with results to be announced thereafter.
Anton du Plessis, Chief Executive Officer of Zinnwald, called the successful fundraising "a clear endorsement of our strategy" despite "challenging market conditions."
Zinnwald Lithium is developing the Zinnwald Lithium Project in Germany, which has an approved mining license and aims to supply lithium hydroxide to Europe’s battery sector.
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