Firefinch Ltd (ASX:FFX) will bank $12.9 million from the sale of a block of Leo Lithium Ltd (ASX:LLL) shares.
The company sold 28.6 million shares in Leo Lithium through an after-market block on July 4 at a sale price of A$0.455 per Leo share.
The remaining 210.9 million shares FFX holds in Leo are subject to escrow until June 23, 2024.
This extra money will help the company in its aim to accelerate a new mine plan for the Morila Gold Mine in Mali.
Yesterday, the company announced it was setting the stage for an immediate improvement in gold production after implementing significant changes to its mine plan at the Morila Gold Project in Mali.
FFX has also undertaken cost-saving initiatives and enhanced financial controls as a measure to improve cash flow at the project.
Read: Firefinch accelerates new mine plan for Morila Gold Mine in Mali
About Firefinch
Firefinch is a Mali-focused gold miner and lithium developer with an 80% interest in the operating Morila Gold Mine which has produced 7.5 million ounces of gold since 2000.
The current global resource is 2.51 million ounces of gold. However, Morila’s geological limits have not been tested.