Charger Metals

Charger’s $5.5M Placement Strongly Supported

Charger Metals NL (ASX: CHR, “Charger” or the “Company”) is pleased to announce that it has received firm commitments to raise A$5.5 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 11 million new shares in the Company (“New Shares”) at an issue price of A$0.50 per New Share and represents a 5% discount to the Company’s 15-day volume weighted average price (VWAP) of existing ordinary shares (“Ordinary Shares”).


Charger proposes to use funds from the Placement (after administration costs) predominantly on exploration activities including drilling to advance the Company’s Bynoe and Lake Johnston Lithium Projects.

Commenting on the completion of the Placement, Managing Director David Crook said:

“Weareverypleasedwiththestronglevel of demand shown for our capital raising from existing sophisticated and institutional shareholders from Australia and abroad.

“The lithium market is currently strong, reflecting the improved understanding of the critical rolelithiumbatteriesaretoplayintheenergymixforaNetZeroEmissionworld. Increasing demand for primary supply into the lithium market should continue to underpin projects, such as Charger’s Bynoe and Lake Johnson Lithium Projects, and the funds raised will allow us to aggressively drill both these highly prospective lithium projects.”

Prenzler Group acted as Lead Manager to the Placement. Under the terms of their mandate, Prenzler will receive a 2% management fee and a 4% selling fee on the gross proceeds of the Placement.

The Placement Shares will fall within the Company’s placement capacity under ASX Listing Rules

7.1 and 7.1A. 6 million Placement Shares will be issued under the Company’s LR 7.1 capacity

and 5 million Placement Shares will be issued under the Company’s LR7.1A capacity.

The Placement Shares are expected to be issued on 23 September 2022, with quotation on the ASX expected to take place on 26 September 2022. 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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