China's Tianqi Lithium Corp. will launch its previously announced fundraising of up to 7 billion Chinese yuan on Dec. 17.

The offering will be completed through a placement which consists of 342,596,383 Tianqi shares priced at 8.75 yuan apiece.

Proceeds raised will be used to repay part of the bank loans it used to fund its 23.77% acquisition of Sociedad Quimica y Minera de Chile SA in 2018, the company said.

As of Dec. 12, US$1 was equivalent to 7.01 Chinese yuan.