BRISBANE, Australia, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Orocobre Limited (ASX: ORE, TSX: ORL) (“Orocobre” or “the Company”) has agreed with Advantage Lithium Corp. (“Advantage”), (TSX Venture: AAL) (AVLIF) to support a Private Placement by Advantage.
Orocobre will participate in a C$1,703,100 Private Placement by Advantage at a price of C$0.41 per Common Share (“Common Shares”). The funds will be used by Advantage for general working capital and to fund continued development and exploration activities on its Lithium properties in Argentina.
Orocobre’s total investment in this capital raise will be C$1,536,025 and following completion of the placement, Orocobre will hold 34.7% of Advantage’s Common Shares (56,564,909).
The Common Shares issued pursuant to the Private Placement will be subject to a four month hold period from the date of closing.
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About Orocobre Limited
Orocobre Limited (Orocobre) is a dynamic global lithium carbonate supplier and an established producer of boron. Orocobre is dual listed on the Australia and Toronto Stock Exchanges (ASX:ORE), (ORL.TO). Orocobre’s operations include its Olaroz Lithium Facility in Northern Argentina, Borax Argentina, an established Argentine boron minerals and refined chemicals producer and a 34.7% interest in Advantage Lithium. For further information, please visit www.orocobre.com.