AVZ Minerals completes $1.8 million placement as DFS progresses towards completion

AVZ Minerals Ltd (ASX:AVZ) has completed a $1.8 million placement through the issue of 40 million shares with a further $1.8 million placement expected to be completed by April 16.

The completed placement also incorporates more than 60 million options exercisable at 6 cents, expiring on April 8, 2022.

AVZ received commitments for the combined placement of fully paid shares to Lithium Plus and other eligible sophisticated and professional investors, including a global institutional investor, all of whom are non-related parties to raise $3.6 million before costs.

Funds raised to be used to progress a definitive feasibility study for the Manono Lithium and Tin Project in the DRC and for general working capital.

Yibin Tianyi strategic investment

AVZ has also been moving closer to a $14.1 million strategic investment by Yibin Tianyi Lithium Industry Co with the Australian Foreign Investment Review Board (FIRB) approval process nearing completion.

The Sunset Date for the satisfaction of conditions for the Yibin placement has been extended to April 30, 2020, to accommodate a request from FIRB to extend the statutory deadline for Yibin's aRead More – Source