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 company.

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 19.

Shanshan is a China-based supplier of lithium-ion battery materials.

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 Pullin)

2019-07-23 02:32:11

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