SYDNEY, AUSTRALIA: Xantippe Resources Limited (ASX: XTC), a mining company, has announced that it is launching a renounceable entitlement offer to raise up to $45.9 million, to fund its growth plans in the lithium sector.
The company said that it intends to use the proceeds of the capital raising to acquire a strategic lithium project and to fund exploration programs in Latin America. It will also use the funds to initiate a lithium technology, logistics and supply chain operation, as well as for working capital.
The entitlement offer will allow eligible shareholders to buy four new shares for every one existing share they hold, at an issue price of 0.1 cents per new share. The company’s directors, who are also shareholders, have indicated their intention to participate in the offer.
The company’s executive chairman John Featherby said that the company was looking to capitalise on its strategic position within the Latin American lithium potential, with the help of its strategic advisors Roth Capital Partners LLC and its operations and relationships in Argentina. He said that it was an exciting time for the company.
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