Li-FT Power launches CAD$20M public offering

• Li-FT Power agreed to a CAD$20 million bought deal public offering.
• The company offered 6.9 million shares at CAD$2.90 per share to raise capital.
• Net proceeds will fund first-year care and maintenance costs for the Renard option period.

Li-FT Power (ASX:LFT) has agreed to a CAD $20 million public offering of 6.9 million shares at CAD $2.90 each.

Underwriters also received an option to purchase up to $15 more shares within 30 days.

The company plans to use the net proceeds for care and maintenance costs at its Renard project.

Avenir Minerals holds investor rights and is expected by the company to participate in the deal.

Following the announcement, the Li-FT Power share price was unchanged at $3.26.

The business is developing hard rock lithium properties in Quebec and the Northwest Territories.

In July, the company secured court approval for an option to acquire the Renard mine site.