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201005 | Cornish Lithium crowd fund raises £5.2million

Cornish Lithium crowd fund raises £5.2million

 Jeremy Wrathall

Cornish Lithium raises £5.2million and closes crowdfunding round

As we reported earlier this week Cornish Lithium’s latest round of crowd funding raised millions in a day to fund new exploration. It set out to raise one and a half million pounds but has raised now raised over five million in only three days, and is closing its crowdfunding round on Crowdcube.

The company announced in September that early indications from their exploration suggest a globally significant amount of Lithium under our feet, enough to supply the whole of the UK’s demands for some time to come. Commercial production could be possible within three to five years with the potential of hundreds of jobs, especially if processing and battery making facilities are based in Cornwall too.

Jeremy Wrathall, Founder and CEO of Cornish Lithium, said: “We set out to raise £1.5 million. To be so massively oversubscribed in only three days is an amazing vote of confidence in Cornish Lithium, the team, and our plans for the creation, in Cornwall, of a vital new industry for the UK economy.

“Having raised more money than we expected means that we are now able to accelerate our plans to build an environmentally-responsible lithium extraction industry in Cornwall while continuing to create value for our shareholders.

With this additional funding, we can accelerate our drive towards the production of lithium from our geothermal waters project and from our hard rock project near St Austell as well as to advance our exploration programme focused on other battery metals.

“On behalf of the Board, I would like to thank our shareholders for their support and to welcome our new shareholders.”