Australian lithium miner Altura raises $15.8 mln as big shareholder raises stake
July 23 (Reuters) - Altura Mining Ltd said on
Tuesday key shareholder Ningbo Shanshan Co Ltd would increase
its stake and invest A$22.4 million ($15.8 million) in the
The lithium miner said it will issue 200 million fully paid
ordinary shares to a unit of Shanshan, which would
result in the Shanghai-listed company becoming its single
largest shareholder with a 19.4% stake.
The issue price of 11.2 cents per share is marginally higher
than Altura's last closing price of 11 cents per share on July
Shanshan is a China-based supplier of lithium-ion battery
Last month, it acquired an 11.8% stake in Altura from the
company's former biggest investor and one-time suitor, China's
Shaanxi J&R Optimum Energy.
Altura's shares traded as much as 9.1% higher on Tuesday
after the announcement, against a 0.3% rise in the broader index
($1 = 1.4221 Australian dollars)
(Reporting by Rashmi Ashok in Bengaluru; editing by Richard
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