Normal Lithium (TSXV: SLI; NYSE: SLI) has introduced that Koch Strategic Platforms (KSP), a subsidiary of Koch Investments Group, is about to make a US$100 million funding within the firm to help its strategic improvement objectives.
The direct non-public placement follows intensive due diligence by KSP into Normal Lithium’s LiSTR direct lithium extraction (DLE) expertise, demonstration plant and challenge improvement goals.
Normal Lithium’s flagship challenge is situated in southern Arkansas, the place it’s engaged within the testing and proving of the industrial viability of lithium extraction from over 150,000 acres of permitted brine operations.
An industrial-scale DLE demonstration plant has been commissioned at Lanxess’ south plant facility in southern Arkansas. The demonstration plant makes use of Normal Lithium’s proprietary LiSTR expertise to selectively extract lithium from Lanxess’ tail brine.
In response to Normal Lithium, this scalable, environmentally pleasant course of eliminates using evaporation ponds, reduces processing time from months to hours and enormously will increase the efficient restoration of lithium.
Below the non-public placement, KSP will purchase roughly 13.48 million frequent shares of Normal Lithium at a value of $9.43 (US$7.42) per share, representing gross proceeds of $127 million (US$100 million).
Normal Lithium will use the proceeds to proceed advancing the primary industrial challenge proposed for the Lanxess facility, in addition to to speed up and broaden the event of its South West Arkansas lithium challenge, comprising 30,000 acres of separate brine leases.
The funds would additionally enable the corporate to proceed to develop and commercialize trendy lithium extraction and processing applied sciences, and permit for strategic challenge expansions.
Along with the brand new capital, Normal Lithium stated it’s exploring alternatives to work with a number of Koch Industries subsidiaries in key areas of alignment with the corporate’s challenge improvement wants.
These probably embrace working with Koch Engineered Options (KES), which offers key course of gear, engineering, procurement and building providers; and Koch Minerals & Buying and selling (KM&T), which is concerned within the buying and selling of lots of the supplies that shall be required by the corporate sooner or later, in addition to the lithium merchandise it intends to provide.
Commenting on the brand new funding, Normal Lithium CEO Robert Mintak acknowledged: “We’re coming into an necessary part for Normal Lithium, and we’re thrilled to be beginning it with a globally acknowledged industrial chief like Koch Strategic Platforms as a accomplice.”
“KSP has a powerful monitor document of investing in disruptive applied sciences, and their backing is a crucial endorsement of the corporate’s core expertise, improvement plans and of our intent to make the Gulf Area a number one provider of lithium assets,” Mintak added.