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Birimian to raise A$6M, relinquish gold permits following business review

Birimian Ltd. completed a business review and is raising about A$6 million to advance its wholly owned Goulamina lithium project in Mali.

The company said Dec. 14 that it received commitments from investors for the issue of 35 million common shares at 17 Australian cents per share.

Funds will be used to advance off-take and financing activities and the project's definitive feasibility study.

The company also plans to undertake a nonrenounceable 1-for-20 entitlements issue at 17 cents apiece. The prospectus for the entitlements issue will be lodged in late January 2019.

Following the business review, Birimian decided to relinquish four of its gold exploration permits after the company determined that they were not sufficiently prospective for gold to warrant further expenditure.

Earlier in December, the company signed a memorandum of understanding with General Lithium Corp. of China for the off-take of 200,000 tonnes per year of spodumene concentrates grading 6% lithium oxide from 2020.

Birimian also signed a letter of intent with Changsha Research Institute of Mining and Metallurgy to look into development opportunities for the Goulamina project.