Lithium Plus Minerals has opened a Share Purchase Plan seeking up to A$1 million from eligible Australian and New Zealand shareholders at A$0.10 a share. The funds are earmarked for the Lei Project’s pre-feasibility study, exploration and offtake discussions.
- SPP seeks up to A$1 million before costs
- Issue price of A$0.10 matches the recent placement
- Price represents discounts of 9.1% to the last close and 10.5% to the 10-day VWAP
- Funds to support Lei pre-feasibility work, exploration and offtake discussions
- Applications close at 5pm AEDT on 27 November 2026
Shareholders offered A$0.10 entry into Lei funding round
Lithium Plus Minerals Limited (ASX:LPM) has opened a Share Purchase Plan targeting up to A$1 million, giving eligible Australian and New Zealand shareholders access to new shares at A$0.10 each. The offer follows the company’s previously announced placement at the same price, giving retail holders an opportunity to participate on matching terms.
Eligible shareholders recorded on 30 October can apply for parcels ranging from A$2,500 to A$30,000, subject to any scale-back. The issue price represents a 9.1% discount to Lithium Plus’s last traded close of A$0.11 before the SPP announcement and a 10.5% discount to the preceding 10-day VWAP. The company’s earlier A$1.66 million placement was also priced at A$0.10 a share.
Lei pre-feasibility study sits at centre of funding plan
Lithium Plus said proceeds from the SPP, alongside the placement, will support the Lei Project’s pre-feasibility study, which is expected to be completed by the end of the first quarter of 2027. The company also plans targeted drilling aimed at improving geological confidence, potentially upgrading inferred material and expanding the existing resource.
The proposed exploration will target the primary Lei pegmatite, which remains open at depth, as well as a nearby secondary pegmatite running broadly parallel to the existing deposit. Proceeds will also fund discussions with potential offtake partners and other providers of finance, alongside general working capital. The stated funding priorities come as Lithium Plus advances the Lei project after outlining a preliminary development case and seeking additional equity.
SPP is voluntary and not underwritten
The SPP is not underwritten, meaning the company is not guaranteed to raise the full A$1 million target. Lithium Plus may accept oversubscriptions, scale back applications or seek to place any shortfall with investors at no less than A$0.10 a share, subject to the ASX Listing Rules. The final amount raised and number of shares issued therefore remain open.
Applications close at 5pm AEDT on 27 November, with results expected by 4 December and new shares scheduled to begin trading on 7 December, although the timetable may change. The key question is whether shareholder participation supplies the intended bridge from the recent placement to the next Lei milestones, particularly the pre-feasibility study and planned drilling.
Bottom Line?
The SPP gives retail shareholders access to the same price as placement investors, but the funding outcome will depend on take-up and any scale-back before the Lei study and exploration work advance.
Questions in the middle?
- Will the SPP attract enough participation to reach its A$1 million target?
- How many new shares will ultimately be issued, and what will that mean for the company’s capital structure?
- Can the funding support meaningful Lei exploration and pre-feasibility progress by the end of the first quarter of 2027?