Pilbara Minerals announce equity raising for Chinese battery company

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Pilbara Minerals (ASX:PLS) has announced an equity raising with a strategic placement of $55.0 million to the leading Chinese battery manufacturer for electric vehicles, Contemporary Amperex Technology.

This is together with an institutional placement of $36.5 million to raise approximately $91.5 million in total.

The Placement will comprise the issue of approximately 305.1 million new Pilbara Minerals ordinary shares at a price of $0.30 per share.

In addition to the Placement, a SPP is expected to raise up to an additional $20.0 million from eligible shareholders, for potential total raising proceeds of $111.5 million.

Shares in Pilbara Minerals (ASX:PLS) last traded at $0.35.
 
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Source: Finance News Network