July 23, 2019 / 12:40 AM / a month ago

Australian lithium miner Altura raises $15.8 million as big shareholder raises stake

(Reuters) - Altura Mining Ltd (AJM.AX) said on Tuesday key shareholder Ningbo Shanshan Co Ltd would increase its stake and invest A$22.4 million ($15.8 million) in the company.

The lithium miner said it will issue 200 million fully paid ordinary shares to a unit of Shanshan (600884.SS), which would result in the Shanghai-listed company becoming its single largest shareholder with a 19.4% stake.

The issue price of 11.2 cents per share is marginally higher than Altura’s last closing price of 11 cents per share on July 19.

Shanshan is a China-based supplier of lithium-ion battery materials.

Last month, it acquired an 11.8% stake in Altura from the company’s former biggest investor and one-time suitor, China’s Shaanxi J&R Optimum Energy (300116.SZ).

Altura’s shares traded as much as 9.1% higher on Tuesday after the announcement, against a 0.3% rise in the broader index

Reporting by Rashmi Ashok in Bengaluru; editing by Richard Pullin

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