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Elevra Lithium Raising AU$441 Million of Funds to Support Canada Projects

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Elevra Lithium (ASX:ELV) is raising up to AU$441 million of funds to support its North American Lithium Brownfield expansion and to finance pre-development workstreams for its Moblan project in Canada, according to a Tuesday filing with the Australian bourse.

The financing package consists of a AU$275 million fully underwritten institutional placement, a AU$146 million convertible notes investment by Canada Growth Fund, and a non-underwritten share purchase plan targeting gross proceeds of up to AU$20 million, per the filing.

The company will issue about 22.5 million new shares in the institutional placement on Tuesday at AU$12.20 each. Its shares will remain in a trading halt until the placement is complete, with trading expected to resume on May 13.

Meanwhile, the convertible notes investment by Canada Growth Fund will take place across two tranches, with the upfront tranche comprising AU$66 million worth of notes and a subsequent conditional tranche for AU$81 million.

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