Lithium project raises millions in a day

Cornish Lithium raised over GBP3m yesterday to fund new exploration and today opens up the crowd fund to the community

The mining company Cornish Lithium has launched another round of Crowd funding that has opened to the public today.

Within 30 minutes of this opportunity being offered to pre-registered investors yesterday, the amount raised had smashed through the target of GBP1.5m by almost GBP545k. The total continued to rise throughout the day, hitting GBP3m within three hours. The company say they are delighted to note that approximately 15% of  the pre-registered investors were from Cornwall.

Th public’s opportunity to invest in Cornish Lithium’s next phase of exploration via a crowdfunding campaign on Crowdcube is open from today, Tuesday 13th October. The progress towards the creation of a new lithium industry in Cornwall has been supported by Cornish Lithium’s first crowdfund in July 2019 and a pre-emptive rights offering to shareholders in April 2020, which raised a total of GBP2.2m. As a result of its previous crowdfund in 2019, the Company has drilled and evaluated its own shallow wells of approximately 1km deep into lithium-rich geothermal waters near United Downs, as well as 41 holes of approximately 40m deep in a prospective hard rock granite source of lithium in a former china clay pit near St Austell, the metallurgical results of which are also highly encouraging.

Cornish Stuff Homepage “The globally significant findings of our recent exploration and evaluation programme, which identified some of the world’s highest grades of lithium and best overall chemical qualities encountered in published records for geothermal waters – together with a substantial award from the UK Government’s Getting Building Fund for a GBP4m lithium extraction pilot plant at United Downs in conjunction with Geothermal Engineering Ltd. – provides us with a once-in-a-lifetime opportunity to catalyse commercial production and establish the UK’ battery metals hub here in Cornwall,” explains Founder & CEO, Jeremy Wrathall.

Lithium project raises millions in a day

Jeremy Wrathall

“Following the generous support of our initial 1,244 investors from 2019, exceptional results from the United Downs Deep Geothermal Project that demonstrate economic potential, and the Government funding we have received to establish a lithium extraction pilot plant, we aimed to raise an additional 1.5m to further accelerate our progress,” adds Mr Wrathall. “This funding will enable us to evaluate accessing geothermal waters with high grades of lithium using shallow drilling techniques, and to undertake further drilling and bulk sampling within the St Austell china clay pit to assess the feasibility of building a large-scale operation in the region. “With a minimum investment of just GBP10, this crowdfund offers an accessible opportunity for the people of Cornwall, who are justifiably proud of the Duchy’s heritage as a world-class producer of tin and copper, to share in our pioneering mission to develop a 21st century lithium extraction industry that will create local jobs and prosperity for the future, and contribute significantly to the UK’s domestic supply.”

To find out more about Cornish Lithium’s crowdfunding campaign on Crowdcube, visit crowdcube.com/cornishlithium

Before investing, please refer to the Cornish Lithium Statement of Risk, which can be downloaded from the Company’s pitch page on crowdcube.com and ‘Invest Aware.’

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