Infinity Lithium (ASX:INF) (CVE:EMN) (OTCMKTS:EROMF) (FRA:E06) directors have demonstrated their confidence in the company’s lithium strategy with the purchase of shares in on-market transactions.
Non-executive chairman Adrian Byass acquired 250,000 shares on February 26 in an indirect interest for total consideration of $40,440.
Byass now holds more than 3.904 million shares in that indirect interest with more than 4.8 million shares held in another indirect interest and 562,500 shares in a third indirect interest.
Chief executive officer and MD Ryan Parkin purchased 153,750 shares spread between two indirect interests for a total of $25,168.70.
These on-market purchases have increased the number of securities held to more than 2.054 million shares in one indirect interest and 736,608 shares in another.
Placement raises $15 million
On February 15 Infinity Lithium raised A$15 million through a strongly supported placement and will issue more than 79.47 million shares at A$0.19 per share to advance the San José Lithium Project in Spain and its integrated supply strategy in Europe.
Firm commitments were received in excess of the maximum placement amount and the placement was well supported by European, other international and domestic institutional and sophisticated investors.
The placement will significantly strengthen INF's balance sheet and the company is now fully financed to complete a feasibility study for the San José project which is expected to be released in the fourth quarter of 2021 and will incorporate outcomes from the test-work program.
Funds will also facilitate the submission of mining licence applications and environmental impact assessments.