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Core Lithium's (ASX:CXO) share price up over 8%; here’s why

Stock Markets Oct 04, 2022 13:00
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Core Lithium's (ASX:CXO) share price up over 8%; here’s why
 
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Highlights

The share price of Core Lithium Ltd (ASX:CXO) rose sharply in the early trade on Tuesday despite no price-sensitive news announced by the lithium producer. Core Lithium shares surged as high 8.5%, hitting the day’s high of AU$1.15 after closing at AU$1.06 on Monday. At 11:11 AM (AEST), Core Lithium’s shares were trading at AU$1.13, up 6.32%, or 0.067. The shares outperformed the materials sector as |ASX 200 Materials index was trading 2.63% or 400.80 points higher at 15,612.10.

Meanwhile, Core Lithium on Monday announced that it had has raised AU$100 million via a share placement to fund work at its Finniss lithium project in the Northern Territory.

About Placement

Core Lithium further said that the new shares under the Placement will be issued at A$1.03 per new share (Placement Price). It represents:

  • a 6.8% discount to the last close price on 29 September 2022 of AU$1.105
  • a 13% discount to the 5-day volume weighted average price of AU$1.184

The company also informed that the settlement of the new shares issued under the Placement is expected to occur on 7 October 2022, with allotment scheduled for Monday, 10 October 2022.

Meanwhile, Core Lithium on Monday also announced that it had officially completed the first sale of spodumene direct shipping ore (DSO) product from the Finniss project.

Meanwhile, the Australian share market opened higher on Monday after Wall Street rose sharply overnight, with all three major stock market indices rising over 2%. The ASX 200 rose sharply today, gaining 134.10 points or 2.08% to 6,591.00 at the open. Over the last five days, the index has gained 1.46%, but is down 11.47% on a year-to-date (YTD) basis.

Read more on Kalkine Media

Core Lithium's (ASX:CXO) share price up over 8%; here’s why
 

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