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AVZ Minerals raising A$15M for Manono lithium project

AVZ Minerals Ltd. said Feb. 26 that it engaged Cantor Fitzgerald Canada Corp. to manage a A$15 million share placement.

Cantor received a firm commitment for the entire offering from one of its North American institutional clients.

The financing will comprise 60 million common AVZ shares at 25 Australian cents apiece, with 30 million attaching options exercisable at 30.5 cents for 24 months from issuance. Settlement of the placement will give the investor about a 3.2% stake in AVZ.

AVZ will use the proceeds to fund its planned 20,000-meter, phase-two drilling and pre-feasibility programs at the Manono lithium project in the Democratic Republic of the Congo and for ongoing corporate and administration costs. The company expects the current phase-one drill program at Manono to be completed in the middle of the second quarter, along with the definition of a JORC-compliant mineral resource estimate.