Cornish Lithium Ltd has gone live to the public on the crowdfunding site Crowdcube, with the aim of raising £1.5mln to progress its work in Cornwall.
The company opened up the opportunity to pre-registered investors yesterday at 9am and within 30 minutes of this opportunity being offered the amount raised had broken through the target of £1.5 million and the total continued to rise throughout the day, hitting £3 million within three hours.
The company is now deciding how much additional funding to accept and when to close the funding round. Cornish Lithium believes that additional funding can further accelerate its work programme in Cornwall, thus creating additional value for shareholders.
“We are raising additional funding at this time to continue towards our goal of creating a battery metals hub for the UK,” said Cornish Lithium’s founder and chief executive Jeremy Wrathall in a statement.
“The success of our recent exploration, and government funding for our pilot plant, gives the company the opportunity to accelerate its efforts towards commercial production and the creation of an environmentally-responsible lithium industry in Cornwall. This funding will allow us to build on our success with our lithium in geothermal waters programme, where we recently announced the discovery of ‘globally significant’ grades.”
He also highlighted the results of a recent drilling campaign that was conducted in an existing china clay pit at a site near St Austell.
“We intend to now carry out a more detailed drilling campaign as we look into the economic feasibility of building a large-scale operation in the region and to also produce lithium from hard rock,” Wrathall added.
“We believe this complements our exploration programme for lithium in geothermal waters as the extraction technologies being considered for both workstreams are very environmentally-friendly when compared to traditional methods of lithium being employed elsewhere.”
Cornish Lithium announced on September 17, 2020, that it had discovered some of the world’s highest grades of lithium and best overall chemical qualities encountered in published records for geothermal waters anywhere in the world at the United Downs Deep Geothermal Project. Having received funding from the UK Government’s ‘Getting Building Fund’, the company is now moving ahead with its partner Geothermal Engineering Ltd to construct a £4mln lithium extraction pilot plant in Cornwall.