Cornish Lithium shareholders have formally approved the previously-announced £18 million investment package from TechMet.
Shareholders holding over 89% of the company’s issued share capital, voted in favour of the transaction and subsequently Cornish Lithium has received £9 million of funds for the first tranche of the investment package. As a result, the company has a current cash balance of over £12 million.
Jeremy Wrathall, CEO and founder of Cornish Lithium, said: “We are delighted to have received such an overwhelming level of support from our shareholders for the TechMet investment.
“We will be able to utilise the funds the TechMet investment will provide to materially advance our portfolio of projects for the benefit of all shareholders. It is pleasing to see that the vast majority of our shareholders have recognised this and voted in favour of the transaction.”