Mineral exploration and development company, Cornish Lithium, has now closed its crowdfunding round on Crowdcube after raising £5.1 million.
The crowdfunding is one of the largest undertaken in the UK this year and is the largest on Crowdcube by a B2B business in 2023.
The crowdfunding was launched to provide Cornish Lithium’s existing shareholders, as well as new retail shareholders, the opportunity to invest alongside the landmark £53.6 million investment announced last month by the UK Infrastructure Bank, the Energy and Minerals Group and TechMet. Existing shareholders received priority access to the financing round with Crowdcube, investing £1 million in just 27 minutes.
The investment package together with the funds raised through the crowdfunding will enable Cornish Lithium to progress its hard rock lithium project to a construction-ready status, as well as complete the engineering design work required to build a demonstration-scale geothermal waters extraction facility.
Jeremy Wrathall, founder and CEO of Cornish Lithium, said: “We were delighted to be able to offer our loyal existing shareholders the opportunity to invest alongside our institutional investors following our landmark £53.6 million fundraise.
“The proceeds of the crowdfunding along with those from our landmark investment package will give us the balance sheet strength to materially progress our projects in order to provide a secure, domestic source of lithium and support the UK’s automotive sector’s shift to EVs, while providing long term career opportunities for the communities around the project.
“We look forward to keeping existing and new shareholders informed as we progress our projects in Cornwall.”