Listed junior explorer, Future Battery Minerals, sent out its broker trio to find equity funding for an acquisition on Monday morning.
Already a subscriber?The company has agreed binding terms to buy 85 per cent of Coolgardie Nickel Pty Ltd, a subsidiary of ASX-listed Corazon Mining. It includes the Miriam lithium project, which is located immediately north to FBM’s flagship Kangaroo Hills lithium asset.
Aitken Mount Capital Partners, Canaccord Genuity and Unified Capital Partners were raising $6 million on FBM’s behalf, offering shares at 11¢ apiece or 1.8 per cent discount to the last close. The offer price was 11 per cent lower than the 15-day volume weighted average price. Potential backers were told former Fortescue executive Nev Power, already a director, would move up to FBM’s chairman as the company executed its ambition of consolidating lithium holdings in WA at cyclically low prices. Of note, billionaire Gina Rinehart’s Hancock Prospecting is sitting just under the substantial mark with a 4.9 per cent stake, according to the term sheet.
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