Australia

Infinity Lithium halted with capital raising news pending

Infinity Lithium Corporation Ltd (ASX:INF) (FRA:3PM) is in a trading halt with a capital raising announcement pending.

The halt will remain in place until the start of normal ASX trading on Monday, April 20, 2020, or when the announcement is released to the market, whichever occurs earliest.

Securities of INF, which is developing the San Jose Lithium Project in Spain to be part of Europes emerging battery value chain, last traded at 3.7 cents, up from 3 cents at close on March 19.

Investment package MOU

In advancing this strategy, the company recently signed an MOU for a multi-staged investment and assistance package with European Unions (EU) EIT InnoEnergy.

The initial part of the package is an investment in Infinity of a staged €800,000 (about A$1.5 million) to fund Phase I of Infinitys innovative lithium conversion process.

EIT InnoEnergy will also lead fundraising activities for Phase II of the pilot plant project with an early estimate of €1.6 million to €2.4 million or A$3 million to $4.5 million.

EIT InnoEnergy support

At the time, Infinity managing director Ryan Parkin said: “We aim to turn this MoU into a binding agreement quickly.

“The financial and collaborative agreement and endorsement of the major EU Platform Steering group (EIT InnoEnergy) will bring together project partners throughout the EU lithium-ion battery supply chain to fund and develop EUs largest battery-grade lithium hydroxide plant.

“Our project is a critical component in the European Commission Vice President Maroš Šefčovičs foresight to address the key strategic issue for the EUs battery value chain, namely to develop access to raw materials and refining capacity, whilst promoting a high sustainability criteria for batteries placed on the EU market."

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