Elevra Lithium (ASX:ELV) has raised $275 million through an institutional placement, which the company says validates its North American Lithium Project brownfield expansion strategy and planned technical and pre-development activities at Moblan.
The company will issue 22.5 million shares at $12.20 each, representing 13.3% of the total shares on issue.
The offer price represents an 11.2% discount to the last closing price and an 8.7% discount to the five-day volume weighted average price. Shares are expected to be issued on 18 May 2026.
Elevra has engaged UBS Securities and Canaccord Genuity as joint lead managers, joint underwriters, and joint bookrunners for the placement.
The company will offer a share purchase plan for eligible holders after the completion of this placement to raise an additional $20 million, which is expected to open on 19 May, before closing on 29 May.
Elevra CEO Lucas Dow says the strong investor support received in this placement provides “significant validation” for the North American Lithium Project (NAL) brownfield expansion and growth strategy, located in Canada.
“Alongside the support received from the Canada Growth Fund, we are delighted to now focus on this next stage of growth as we materially increase production at NAL and advance Moblan towards development, at a time when the broader lithium market continues to strengthen,” Dow says.
As reported by Mining.com.au, the company recently agreed to sell all of its rights and interests relating to the Ewoyaa Lithium Project in Ghana to Zhejiang Huayou Cobalt Co, as the company shifts its focus to its North American assets.
Elevra Lithium is a North American lithium producer with assets in Australia, Canada, and the US.
Write to Maddison Elliott at Mining.com.au
Images: Elevra Lithium
