Lithium Australia NL (ASX:LIT) (OTCMKTS:LMMFF) (FRA:3MW) shareholders have fully paid the balance on 317,333 LITCF partly paid ordinary shares, raising A$15,835.
The shareholders paid an amount of A$0.0499 for each LITCF with 114,190,834 LITCF remaining on issue.
Statements will be issued shortly to those shareholders who paid all outstanding amounts on their LITCFs and Lithium Australia requests that the ASX change the designation of these 317,333 LITCF shares to the ASX code LIT accordingly.
This move follows shareholders having paid the balance unpaid on 4,210,336 LITCF partly paid ordinary shares on April 8, raising $210,096.
Australian battery recycling scheme
The company recently welcomed the release of details of an Australian battery collection network that will form part of the Battery Stewardship Council's battery recycling scheme.
LIT’s 90%-owned subsidiary Envirostream Australia Pty Ltd is set to play a role in the scheme after receiving Dangerous Goods approvals for the design of its 6-kilogram and 12-kilogram combination packages for the collection and transport of mixed batteries for recycling.
With the World Bank's report Minerals for Climate Action (2020) predicting that demand for battery minerals will jump 500% by 2050, the recycling of spent batteries is potentially a significant and sustainable source of critical battery materials.
The scheme's collection network is set to launch in January 2022.