SGX greenlights Alliance Mineral Assets' additional share listing

The proceeds will be used for upgrades at its processing facilities in Western Australia.

Alliance Mineral Assets has received a listing and quotation notice from the Singapore Exchange Securities Trading (SGX-ST) to place 168.63 million new shares at a price of $0.19 (A$0.20) on the Catalist board of the SGX-ST in its effort to raise $30.87m (A$32.5m), an announcement revealed.

The new shares will be issued to Australia-listed Galaxy Resources, and Weier Antriebe and Energietechnik, a subsidiary of China-based Jiangxi Special Electric Motor Co (Jiangte).

The proceeds will be used to primarily fund continued upgrades at the firm’s processing facilities at the Bald Hill Lithium and Tantalum Mine in Western Australia, as well as for future exploration and other initiatives at the Bald Hill Mine.

The institutional placement will comprise the issue of 112.5 million shares, whilst the conditional placement will comprise the issue of 50 million shares.

The institutional placement shares and the associated placement fee shares will be issued within seven SGX-ST market days from the date of the listing and quotation notice.

Alliance Mineral Assets also revealed that it has agreed to issue 2.5 million new fully paid ordinary shares in the company at the issue price of $0.19 (A$0.20) apiece in lieu of a portion of the financial advisory fee payable to Canaccord Genuity (Australia). This relates to the merger between the Alliance Mineral Assets and Tawana Resources NL, as Canaccord Genuity elected to receive part of their fee as shares.