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Lithium Power expediting Maricunga lithium JV development

Lithium Power International Ltd. said April 6 that it plans to raise approximately A$12 million through a placement of about 31.58 million shares at 38 Australian cents each to advance the Maricunga lithium brine joint venture in Chile.

The company said each share comes with an attached option to purchase 1 share at 55 cents each, exercisable within two years of the date of issue.

Lithium Power, which owns a 50% stake in the joint venture, said the placement is slated to close May 25.

Following encouraging exploration results, the joint venture will advance a US$5.5 million payment to fast-track development at the project, which will accelerate the timeline by three to six months, with a maiden JORC lithium resource update to be completed in May.