Cornish Lithium has secured a £1 million investment from a group of experienced mining and natural resources investors.
The funds raised will enable the company to commence exploration activities on the ground in Cornwall.
The initial focus will be to collate all relevant data on lithium occurrences in Cornwall and to assemble it into digital format.
Once drill sites have been selected the company intends to apply for the necessary permits ahead of drill testing of suitable targets.
Under the terms of the investment, the incoming shareholder group will have the opportunity to appoint one director to the board. The incoming shareholders include:
- Keith Liddell, the former CEO of Aquarius Platinum and investment house Mineral Securities. Liddell is a highly-experienced metallurgist and is the inventor of the Kell Process for recovery of platinum group metals from concentrates as an alternative to smelting.
- Chris von Christierson is the director and principal of Southern Prospecting. He has been actively involved in the establishment of a number of international exploration and mining projects.
- Peter Smedvig, who has longstanding understanding of investing in the natural resources sector globally. Smedvig’s model is to invest in a small number of businesses each year, committing time to working closely with management, providing advice and hands-on help as appropriate.
Cornish Lithium CEO, Jeremy Wrathall, said: “We are delighted to have secured this investment to commence our exploration programme. We look forward to working with our new shareholders given the wealth of experience they have to offer in the field of natural resources.”