Lithium Australia NL secured a A$18.3 million convertible note facility from U.S. institutional investor Arena Investors LP.
The company will use the funds to advance its large-scale Sileach pilot plant, to produce lithium chemicals and to recommission a lithium-ion battery cathode plant owned by its acquisition target Very Small Particle Co. Ltd.
The notes have a face value of A$21 million and will be issued at a 13% discount.
They are unsecured and will be drawn down in six separate tranches, each with a 12-month maturity.
