Core Lithium launches multi-layered funding and Glencore marketing deal

Core Lithium Ltd ( (AU:CXO) ) has issued an update.

Core Lithium has outlined a major funding package combining a A$120 million equity placement, a US$50 million secured senior loan and a US$70 million secured convertible note facility with InfraVia and Glencore. As part of the broader financing, the company has issued a first tranche of 25,926,821 convertible notes to InfraVia, raising about A$35.2 million under its existing placement capacity.

The notes are convertible into fully paid ordinary shares, and a second, larger tranche to InfraVia and Glencore remains subject to shareholder approval and conditions precedent. Directors say the mix of convertible notes and equity reflects the timing of funding needs, market conditions and Core Lithium’s financial position, while a new marketing agreement with Glencore secures sales channels for all spodumene concentrate from the Finniss Project.

The most recent analyst rating on (AU:CXO) stock is a Hold with a A$0.30 price target. To see the full list of analyst forecasts on Core Lithium Ltd stock, see the AU:CXO Stock Forecast page.

More about Core Lithium Ltd

Core Lithium Ltd is an Australian lithium developer and producer listed on the ASX under the ticker CXO. The company’s primary focus is the Finniss Project in the Northern Territory, targeting spodumene concentrate production for the global lithium and battery materials market.

Average Trading Volume: 23,453,422

Technical Sentiment Signal: Buy

Current Market Cap: A$860.4M

For an in-depth examination of CXO stock, go to TipRanks’ Overview page.