$6.3m funding for Lithium Australia
LITHIUM Australia has secured up to $6.3m funding from New York-based institutional fund manager, The Lind Global Macro Fund, under a convertible security and share purchase funding agreement. The initial $3m investment and a $100,000 share placement will help fund growth of the Soluna Australia battery business, commercialisation of the company’s cathode business (owned by its subsidiary VSPC) and growth of the company’s battery recycling business (owned by its subsidiary Envirostream Australia) and costs of the funding, as well as general working capital. Lithium Australia also has the option to repay the convertible security in cash, subject to Lind Partners’ buyback conversion rights for up to 30pc of the outstanding Face Value. Lind managing director Jeff Easton said the fund…