Shareholders back AVZ's A$14m placement

The shareholders of ASX-listed AVZ Minerals have approved a A$14.1-million share placement to China’s Yibin Tianyi Lithium Industry Company, with the company now starting initial offtake discussions with the new shareholder.

AVZ in November of last year announced plans to issue 314.3-million shares to Yibin Tianyi at a price of 4.5c a share, giving the lithium chemicals producer a 12% stake.