Li-FT Power (ASX:LFT) has launched a C$20.01 million ($20.17 million) bought-deal public offering to fund care and maintenance costs during the first year of the Renard option period.
The company will issue 6.9 million common shares at C$2.90 each under an agreement with lead underwriter and sole bookrunner Canaccord Genuity (TSE:CF).
Li-FT has granted the underwriters an over-allotment option covering up to an additional 15% of the shares issued under the offer. The option can be exercised in whole or in part within 30 days of closing.
Net proceeds will be allocated to estimated care and maintenance costs under the Renard option agreement and working capital.
Li-FT says it expects strategic shareholder Avenir Minerals, a subsidiary of Agnico Eagle Mines (NYSE:AEM), to participate under an existing investor rights agreement. The agreement gives Avenir the right to participate in certain Li-FT equity financings, although its involvement in the latest offer is not guaranteed.
The shares will be offered publicly across Canada, except Québec, through a supplement to Li-FT’s November 2025 base shelf prospectus. They may also be offered privately to qualified institutional buyers in the US and investors in other jurisdictions, including Australia, under applicable exemptions.
Li-FT says the allotment falls within its 15% placement capacity under Australian Securities Exchange Listing Rule 7.1.
Closing is scheduled for around 12 August, subject to several conditions, including conditional acceptance from the TSX Venture Exchange.
Li-FT owns the Adina-Galinée Lithium Project in Québec and the Yellowknife Lithium Project in Canada’s Northwest Territories, as well as early-stage exploration properties in both jurisdictions.
Write to France Pinzon at Mining.com.au
Images: Li-FT Power
