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(Reuters) – Altura Mining Ltd (AJM.AX) said Tuesday that the key shareholder, Ningbo Shanshan Co Ltd, would increase its stake and invest 22.4 million Australian dollars (15.8 million US dollars) in the company.
Lithium miner announced it would issue 200 million fully paid common shares to a Shanshan unit (600884.SS), which would make the Shanghai-listed company a sole shareholder with a 19.4% stake.
The issue price of 11.2 cents per share is slightly higher than Altura's last closing price, which was 11 cents per share on July 19th.
Shanshan is a Chinese supplier of materials for lithium-ion batteries.
Last month, it acquired an 11.8% stake in Altura from Shaanxi J & R Optimum Energy300116.SZ).
Altura shares rose to 9.1% on Tuesday after the announcement, versus a 0.3% rise in the broader index
Report of Rashmi Ashok in Bengaluru; edited by Richard Pullin
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