Leo Lithium Limited announced that it has entered into a subscription agreement to issue 131 million new fully paid ordinary shares at a price of AUD 0.81 per share for the gross proceeds of AUD 106.11 million on May 19, 2023. The transaction will include participation from new investor Gfl International Co.,Limitied for 9.9% stake. The shares are restricted.

The transaction is subject to granting of regulatory approvals.