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Leading Edge Materials poised to raise $2mln with strategic European investors

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Resource group Leading Edge Materials Corp (CVE:LEM) is set to raise up to $2mln from European investors to advance the business.

It has arranged a placing of up to around 3.63mln units at 55 cents each.

Each unit will consist of one share and one warrant, which will be exercisable to acquire one further share for 80 cents for three years from the closing date.

The warrants can also be called by Leading Edge once shares trade above a weighted average price of $1 for 30 consecutive trading days.

Blair Way, Leading Edge’s chief executive, said: “We are pleased to have secured this investment from a select group of strategic European investors who are active in the development of European electro-mobility and green energy storage markets.”

The firm plans to use the net proceeds to continue to advance its Woxna graphite production facility in Sweden to meet the demands of the lithium ion battery market and to further exploration efforts.

“Proceeds from the offering will allow an accelerated work program during 2017,” LEM added.

Earlier this month, the group reported that high purity graphite from its Woxna project was suitable for use in lithium ion batteries for the car industry after the latest results from  test work, which bettered previous findings.

“Woxna high purity spherical graphite product is now of a quality to warrant progression to 18650 lithium ion battery cell manufacture,” it said in a brief statement.

The lab looked at key characteristics on the samples such as graphitic carbon content, tap density, BET surface area, particle size distribution, reversible capacity and cell life cycle testing (HPC).

And this week, it said first ever drilling at its Bergby lithium project, also in Sweden, had excitingly yielded high grade results. The property was discovered by Leading Edge early in 2016.

“This first program of drilling at Bergby has intersected high lithium grades at a very shallow depth, and places Bergby as a leading lithium project in the Nordic region,” said Way.

The firm said Europe was playing a leading role in the transition to low-carbon energy from renewable sources, and the efficient  energy storage.

“Lithium has a strong and expanding market, due to the essential role it plays in lithium-based batteries for the automotive, consumer product and stationary electrify storage industries,” it added.

Story by ProactiveInvestors


Source: http://www.proactiveinvestors.com/companies/news/177073/leading-edge-materials-poised-to-raise-2mln-with-strategic-european-investors-177073.html


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