North American lithium producer Elevra Lithium Limited (ASX: ELV; NASDAQ: ELVR) has announced the successful completion of its fully underwritten A$275 million institutional placement via the issue of approximately 22.5 million new fully paid ordinary shares to eligible institutional investors at a price of A$12.20 per new share.
The New Shares issued under the Placement are expected to settle on Friday, 15 May 2026 and be allotted and commence trading on the ASX on Monday, 18 May 2026.
Following the Placement, Elevra will offer eligible shareholders the opportunity to participate in a Share Purchase Plan (SPP) at an issue price which is the lower of: (A) the 5-day VWAP of Elevra’s ordinary shares traded on the ASX leading up to, and including, the SPP closing date; or (B) the Offer Price of A$12.20 per share, to raise up to approximately A$20 million.
Together, the fully underwritten Placement, strategic Convertible Notes investment (announced yesterday) and the SPP will fully fund the NAL Brownfield Expansion project, alongside funding key Moblan technical and pre-development activities through to FID while maintaining prudent liquidity and optionality through market cycles.
UBS Securities Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Managers, Joint Underwriters and Joint Bookrunners to the Placement. Ashurst is acting as legal adviser to the Company in relation to the equity raising.
“The strong investor support received for the Placement from existing and new institutions provides significant validation for the NAL Brownfield Expansion and Elevra’s growth strategy,” Elevra Managing Director and CEO, Lucas Dow, said. “Alongside the support received from the Canada Growth Fund, we are delighted to now focus on this next stage of growth as we materially increase production at NAL and advance Moblan towards development, at a time when the broader lithium market continues to strengthen.”
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