Infinity Lithium Corporation Ltd (ASX:INF) managing director and CEO Ryan Parkin and non-executive chairman Adrian Byass have shown confidence in the company’s integrated lithium supply strategy through participating in an entitlement offer.
The company recently raised more than $2.41 million to help it satisfy Europe’s increasing demand for lithium through the integrated San José project in Spain.
Applications were received from eligible shareholders for more than 22.665 million shares in the entitlement offer, raising around $1.59 million and representing a 65.7% take up.
Change of director notices
Parkin acquired 142,858 shares in two indirect interests, increasing the total combined number of securities in these interests to more than 2.637 million shares.
Byass purchased 365,487 shares in two indirect interests, increasing the total number of securities held in these to more than 5.36 million with more than 3.65 million held in another indirect interest.
Use of funds
The primary use of funds from the capital raising will be for completing a feasibility study on the San José project.
Infinity Lithium aims to serve Europe's growing need and commitment for self-sufficiency as part of securing the path to a cleaner energy future, inclusive of a vertically integrated lithium-ion battery supply chain.
The company's fully integrated industrial project is focused on the production of battery-grade lithium chemicals from a mica feedstock that represents the EU’s second-largest JORC-compliant hard rock lithium deposit.