Winsome Resources (ASX:WR1) Raises A$7.8 Million for Adina Lithium Project
Capital Raising Details
Winsome Resources (ASX:WR1) has secured A$7.8 million through a placement at an issue price of A$0.36 per share to advance its Adina Lithium Project. The placement received strong support from existing shareholders and new investors, both domestic and global.
Share Purchase Plan
The company also plans to undertake a share purchase plan targeting to raise up to A$2.5 million on the same terms as the placement, allowing existing shareholders to participate.
Use of Funds
The raised capital will extend the Renard Option to 31 August 2025 at a cost of C$8.5 million, advance Adina Lithium Project studies, assess carbon sequestration opportunities, and explore strategic partnerships to reduce acquisition costs.
Executive Comments
Winsome’s Managing Director Chris Evans said: “Winsome Resources is firmly committed to developing the Adina Lithium Project and is pleased to see the significant level of interest from high conviction investors who believe in Winsome’s vision of integrating into the North American EV supply chain.”
“The additional funds put Winsome in a strong financial position to advance the Adina Lithium Project, which comprises one of the largest and growing lithium deposits in North America, an exclusive option to acquire the billion-dollar Renard operation and associated infrastructure and a clearly defined pathway to production.”
“Securing an extension to the Renard Option with Stornoway provides the time required to assess carbon sequestration opportunities and explore opportunities to partner with groups embedded in the electric vehicle supply chain. We look forward to continuing to work with all of Stornoway’s stakeholders in progressing the transaction to a successful outcome.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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