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Anson Resources (ASX:ASN) to raise $50 million to support Paradox in final investment decision – The Market Herald

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  • Anson Resources (ASN) to raise $50 million through placement to support development of Paradox lithium project in Utah pending final investment decision
  • This includes initial engineering design work, ordering of long-term procurement items, further expansion of resources and working capital
  • The company will issue 139 million new shares at 36 cents each as part of the offering to raise funds
  • This represents a 3.9 percent discount to Anson’s ten-day weighted average price (VWAP).
  • Anson shares were trading 7.06 percent lower at 39.5 cents each as of 12:15 p.m. ET

Anson Resources ( ASN ) is set to raise $50 million through a private placement to support the development of the Paradox lithium project in Utah pending a final investment decision.

The funds will be used for initial engineering and design work, ordering procurement items with a long lead time, and further expansion of resources and working capital.

Anson will issue 139 million new shares at 36 cents each as part of the offering to raise cash.

This represents a 3.9 percent discount to the company’s ten-day weighted average price (VWAP).

Executive Chairman Bruce Richardson said interest in the placement exceeded the company’s requirements.

“The result of the capital increase is the excellent approval of the Paradox lithium project and the ‘made in the USA’ lithium carbonate battery,” he said.

“We were pleased to price the placement at a steep discount to the prevailing VWAP, despite​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

The company said it is now fully funded to fast-track the Paradox project to a final investment decision.

Anson shares were trading 7.06 percent lower at 39.5 cents each at 12:15 a.m. ET.

https://themarketherald.com.au/anson-resources-asxasn-to-raise-50m-to-support-paradox-to-final-investment-decision-2022-09-16/

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