en.Wedoany.com Reported - Australian lithium company Elevra Lithium announced a financing package on Tuesday totaling A$441 million, equivalent to approximately US$437 million at current exchange rates. Elevra plans to use the funds for two purposes: first, to expand its North American Lithium project located in Quebec, Canada, and second, to advance pre-development work on the Moblan project up to the point of a final investment decision.

According to information released by Elevra on the same day, the financing package consists of three components. The first part is a fully underwritten institutional placement amounting to A$275 million. The second part is a convertible note investment from the Canada Growth Fund, with a maximum value of A$145 million, approximately US$106 million. The third part is a share purchase plan with a maximum amount of A$20 million.

Brisbane-headquartered Elevra also released an updated scoping study for North American Lithium. In a separate statement, the company noted that the study shows improved economics for the North American Lithium project due to increased processing throughput and an improved pricing environment. According to the study, the incremental post-tax net present value of the expansion project has reached A$969 million, doubling the level assessed previously.

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