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Liontown secures $490m in funds
Liontown Resources has secured a $490 million equity raise to build the Kathleen Valley Lithium Project, set to begin production in 2024.
Lauren Croft
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Firm: Allens (Liontown Resources).
Deal: Allens has advised Liontown Resources on a $490 million equity raising to fund the development of the Kathleen Valley Lithium Project.
Area: Corporate.
Value: $490 million.
Key players: The Allens team was led by corporate partner Bryn Hardcastle, who was assisted by senior associate Alexandra Meade, associate Nick Harrison and lawyer Cassandra Lee.
Deal significance: The raising comprises a fully underwritten $450 million institutional placement and non-underwritten $40 million share purchase plan and puts the company in a strong position to finalise discussions with offtake partners and commercial lenders, order long-lead items, and accelerate towards first production in 2024 – when significant global supply deficits for lithium are forecast to emerge.
Commenting on the deal, Mr Hardcastle said: “This is a landmark equity raising for Liontown which underpins the development of a world-class, long-life, Australian battery minerals hub.
“It has been a pleasure to support Liontown in the execution of its strategy to be an ESG-leader and globally significant provider of battery materials.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
