MinRes doubles down as lithium explorer Wildcat raises $100m
Chris Ellison has continued his lithium spending spree, pumping more than $19 million into Wildcat Resources on Thursday as it raised $100 million.
Mineral Resources, backed by the billionaire, pitched into the raising to maintain a 19.94 per cent stake as the white-hot exploration play rattled the tin for funds to advance Tabba Tabba project in Western Australia.
Wildcat sets its sights on $80 million through an institutional placement at 76¢, first reported by The Australian Financial Review’s Street Talk column on Thursday, but ended up at $100 million.
Western Australia is in a lithium investment boom. Bloomberg
The additional backing came just days after MinRes tried to vote down the issue of stock to three Wildcat directors. The raising follows the company’s annual meeting in Perth on Monday where shareholders signed off on what was a $28.8 million on-paper windfall for director Alex Hewlett after he made the connection that ultimately led MinRes to emerging as a backer.
The vote granting Mr Hewlett an introduction fee of 30 million shares passed despite analysis of the poll showing MinRes voted against the resolution. MinRes also tried to vote down resolutions on share issues to two other Wildcat directors and abstained from voting on other matters, including the remuneration report.
Mr Hewlett was due an introduction fee for his role in Wildcat acquiring Tabba Tabba via a deal struck in May with James McClements-founded Resource Capital Fund and RCF-controlled Global Advanced Metals. MinRes, chaired by Mr McClements, revealed last week that it had become Wildcat’s biggest shareholder.
Global Advanced finished a remarkable run of lithium-related divestments with the sale of the Tabba Tabba – where it turned about
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