Cornish Lithium Ltd announced that it received shareholder approval for the investment package of up to £18mln from TechMet Limited, with shareholders holding over 89% of the company’s issued share capital voting in favour of the transaction.
Following this, the company has received the £9mln first tranche of the investment package, it said, meaning its current cash balance currently tops £12mln.
Chief executive Jeremy Wrathall said: “We are delighted to have received such an overwhelming level of support from our shareholders for the TechMet investment. We will be able to utilise the funds the TechMet investment will provide to materially advance our portfolio of projects for the benefit of all shareholders.”