24 Jul Overfunding: Lithium Extraction Company Cornish Lithium Quickly Surpasses £1 Million Funding Target Through Crowdcube Round
Just days after launching its equity crowdfunding campaign on Crowdcube, Cornish Lithium, a company that aims to create a new, environmentally-responsible, lithium extraction industry in the UK, has successfully secured its initial £1 million funding target from nearly 700 investors. The company is offering 4.91% in equity at a £20 million pre-money valuation.
As previously reported, Cornish Lithium is focused on exploring for lithium within the hot springs that naturally occur beneath the surface in and around Cornish granites, with the aim to create a new mining industry in Cornwall.
“Lithium is the lightest metal and one of the most chemically reactive. As the world becomes more environmentally conscious, lithium’s importance and demand is growing rapidly with increasing usage in batteries for electric vehicles and renewable energy storage systems. With demand for lithium expected to increase rapidly for uses in modern technologies, the UK government has highlighted this strategic mineral as a metal of importance to UK industry.”
Cornish Lithium’s directors notably have extensive mining industry and fundraising experience and have secured agreements with various holders of mineral rights in Cornwall to explore for, and to commercially develop, lithium-bearing hot spring brines throughout areas considered to be highly prospective.
“The region has long been associated with tin and copper. Cornish Lithium, by undertaking one of the largest unified exploration projects in the history of Cornwall, sees the potential to move Cornish mining into the 21st century.”
Funds from the Crowdcube round will be used to continue exploration over the next 12 months, including sample collection, in order to better understand battery metal potential of Cornwall.
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