Li-FT Power (ASX:LFT) launched a "bought deal" public offering of 6.9 million common shares at CA$2.90 each for gross proceeds of about CA$20 million, according to a Wednesday filing with the Australian bourse.
The company granted the underwriters a 30-day over-allotment option to purchase up to an additional 15% of the shares offered, per the filing.
Li-FT Power plans to use the net proceeds to fund first-year care and maintenance costs under its Renard option agreement and for working capital.
The offering is expected to close on or about Aug. 12.
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