Infinity Lithium raises $2.41 million in entitlement offer to advance integrated European supply strategy from San José project

Infinity Lithium Corporation Ltd's (ASX:INF) (FRA:3PM) cash balance has been boosted after raising more than $2.41 million in an entitlement offer and shortfall with funds to advance the company's strategy to help satisfy Europe's increasing demand for lithium through its integrated San José project in Spain. Applications were received from eligible shareholders for more than 22.665 million shares in the offer, raising around $1.59 million and representing a 65.7% take up. Shortfall oversubscribed The resulting shortfall from the entitlement offer is 11,812,763 shares and this was significantly oversubscribed. As such, the board is scaling back applications made under the shortfall offer generally in proportion to the relevant applicant's shareholding as at the record date. Refunds to applicants for any shortfall shares applied for but not issued will take place shortly after the scale back is finalised. Use of funds The primary use of funds from the capital raising will be for completing a feasibility study on the San José Lithium Project in Spain. Infinity Lithium aims to serve Europe's growing need and commitment for self-sufficiency as part of securing the path to a cleaner energy future, inclusive of a vertically integrated lithium-ion battery supply chain. The company's fully integrated industrial project is focused on the production of battery-grade lithium chemicals from a mica feedstock that represents the EU’s second-largest JORC-compliant hard rock lithium deposit. Under the entitlement offer, the issue and allotment of new securities will be made on October 19 and trading of new shares on the ASX is expected to begin on October 20 with the holding statements to be dispatched on October 20.