Australia's Delta Lithium jumps on premium strategic placement

Delta Lithium

14/06/2023 03:43

** Shares of Delta Lithium Ltd  DLI.AX  jump as much as 9.9%
to A$0.720, hitting their highest level since May 29
    ** The lithium miner says it has completed a strategic
placement with a unit of Idemitsu Kosan Co Ltd  5019.T  to raise
about A$46.4 mln ($31.45 mln)
    ** Issue price of A$0.7075 per share is at a 8% premium to
last close on June 13
    ** Proceeds raised to be use for progression of exploration
and resource drilling at Yinnetharra Lithium Project, among
others 
    ** Says parties have also agreed to negotiate and enter into
a strategic cooperation agreement allowing co to benefit from
Idemitsu's financial and technical capability and maximise the
value of Mt Ida and Yinnetharra lithium projects
    ** Shares post their biggest intraday pct gain since May 29 
    ** DLI stock up 37.9% YTD, as of last close  
    
($1 = 1.4751 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))