Lithium Universe Ltd (ASX:LU7, OTC:ESMAF) CEO Alex Hanly sits down with Proactive’s Jonathan Jackson to discuss the initiation of a share purchase plan (SPP), aiming to raise A$3 million to bolster its endeavours in the North American lithium market. Funds from the SPP are earmarked for the progression of engineering studies and to supplement working capital, facilitating the design and development of a multifaceted spodumene concentrator and a lithium carbonate refinery. These projects are strategically located in Québec's James Bay and Bécancour regions, respectively.
Hanly highlights the SPP's goal to generate necessary capital while appreciating the ongoing support from previous Mogul Games shareholders and attracting new investors, offering shares at the price set during Lithium Universe's IPO in August 2023, via a re-compliance listing. Looking ahead to 2024, Hanly expresses optimism about reaching several critical milestones within the QLPH strategy.