Charger Metals

Charger Receives Strong Support for $2.7M Placement

Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to announce that it has received firm commitments to raise A$2.7 million (before costs) in new equity via a strongly supported share placement to institutional, sophisticated and professional investors (“Placement”). The Placement will comprise the issue of 10.6 million new shares in the Company (“New Shares”) at an issue price of A$0.255 per New Share which represents a 7.3% discount to the previous close of existing ordinary shares (“Ordinary Shares”).


The Placement is in addition to the Rio Tinto Exploration Pty Ltd (“RTX”) investment of $1.2 million in Charger (RTX Investment) prior to commencement of the RTX farm-in agreement for the Lake Johnston Lithium Project (RTX Agreement). RTX is a wholly-owned subsidiary of Rio Tinto Limited (ASX: RIO). The RTX Investment will convert to shares in the Company also at a $0.255 per Share within 3 Business Days of the RTX Farm-in Conditions being met. For full terms and conditions of the RTX Farm-In Agreement and RTX Investment please refer to the ASX announcement dated 20 November 2023.

Charger proposes to use funds from the Placement (after costs) and RTX Investment predominantly on exploration activities including drilling to advance the Company’s Bynoe Lithium Project, Lake Johnston acquisition costs and for general working capital.

Charger’s Managing Director, Aidan Platel, commented:

“The Company is very pleased with the strong level of demand for our capital raising from both new and existing sophisticated and institutional shareholders from Australia and overseas. Together with the recently announced farm-in agreement with Rio Tinto Exploration for our Lake Johnston Lithium Project, the funds will allow us push ahead with systematic exploration on our highly- prospective Lake Johnston and Bynoe Lithium Projects.”

Prenzler Group Pty Ltd (“Prenzler”) acted as Lead Manager to the Placement. Under the terms of their mandate, Prenzler will receive a 6% fee on the gross proceeds of the Placement. Prenzler will also receive 1,000,000 unlisted options exercisable at $0.60 with an expiry date 3 years from issue, subject to shareholder approval.

The Placement Shares will fall within the Company’s placement capacity under ASX Listing Rules 7.1 and 7.1A. 4.4 million Placement Shares will be issued under the Company’s LR 7.1 capacity and 6.2 million Placement Shares will be issued under the Company’s LR7.1A capacity. The Placement Shares are expected to be issued on 1 December 2023, with quotation on the ASX expected to take place on or around 4 December 2023. The Placement Shares will rank equally with existing fully paid Ordinary Shares.


Click here for the full ASX Release

This article includes content from Charger Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Highlights

Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the twelve months ended December 31, 2023 , of US$2,012.7 million ( US$7.05 per ADR), a decrease of approximately 48.5% from US$3,906.3 million ( US$13.68 per ADR) for the twelve months ended December 31, 2022 .

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He finished by saying: "In December last year, we signed a Memorandum of Understanding with Codelco to jointly develop the Salar Futuro project and sustainably operate in the Salar de Atacama beyond 2030. Together with the communities, we are working on the definitive documentation in the upcoming months and will inform the market once this process is concluded. Last year, SQM was included into both DJSI World and Emerging Markets indices, several years ahead of our internal goal. This is the result of ongoing work and our commitments to increase the transparency and sustainability of our operations."

Total capital expenditure in 2023 was close to US$1.1 billion . For the period 2024-2025, total capex is expected to be approximately US$2.4 billion , including:

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  • US$700 million related to nitrates and iodine capacity expansion project in Chile , including US$160 million of maintenance.
  • US$340 million related to Mt. Holland lithium project in Australia and exploration projects.

The capex for 2024 is expected to be approximately US$1.3 billion , including maintenance.

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Irina Axenova  / irina.axenova@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the implementation of the MoU and potential partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

Cision View original content: https://www.prnewswire.com/news-releases/sqm-reports-earnings-for-the-twelve-months-ended-december-31-2023-302075007.html

SOURCE Sociedad Quimica y Minera de Chile , S.A. (SQM)

News Provided by PR Newswire via QuoteMedia

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