Alliance Mineral Assets Ltd (ASX:A40) (SGX:40F) has revealed that Regal Fund Management has become a new substantial shareholder in the company after acquiring about 67 million ordinary shares with a voting power of 5.14%.
The specialist alternative investment manager is one of Australia’s leading investment managers servicing a wide range of institutional investors and high net worth individuals.
READ: Alliance Mineral Assets completes Tawana Resources ‘merger of equals’
Alliance recently listed on the ASX through a buy-up of Tawana Resources NL, with the new entity focused on the Bald Hill lithium and tantalum mine in Western Australia.
Tawana and Alliance were previously in a 50:50 joint venture to progress the Bald Hill mine.
The parties started producing lithium concentrate at the mine in March 2018 and shipped their first batch of the concentrate to offtake partner Burwill Commodity Limited in China in May 2018.
Alliance managing director Mark Calderwood recently said that a plant upgrade at Bald Hill is the next major milestone for the company, with the sign-ups of offtake partners being a second milestone.
He said: “Next big milestones are to upgrade plant and we expect the up-sized plant to be operating in the third quarter of this year.