Australia's Firefinch hits 11-yr high on $130 mln funding for lithium project

Firefinch

01/04/2022 01:15

** Shares of Firefinch Ltd  FFX.AX  jump as much as 6.2% to
A$1.11, hitting their highest since March 9, 2011
    ** Firefinch says its JV firm has received funds totalling
$130 mln from Jiangxi Ganfeng Lithium as part of a
debt-and-equity funding package for its Goulamina lithium
project in southern Mali  urn:newsml:reuters.com:*:nFWN2VY1KK
    ** Firefinch and Ganfeng each hold 50% stake in the JV co
    ** Co says $130 mln equity funding comprises $39 mln that
was released from escrow and a $91 million second tranche
investment
    ** Says Ganfeng is further obliged to provide either $40 mln
of Ganfeng direct debt or source $64 mln of third-party debt
    ** Co confirms that it is proceeding with the demerger of
Goulamina lithium project into Leo Lithium in accordance with
regulatory timeframes
    ** Stock posts a third straight day of gains
    ** FFX up 20.8% YTD, as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))