Lithium Australia shareholders fully pay balance on 560,000 LITCF shares, raising more than $27,000

Lithium Australia NL (ASX:LIT) (OTCMKTS:LMMFF) (FRA:3MW) shareholders have fully paid the balance unpaid on 560,000 LITCF partly paid ordinary shares, raising A$27,994. Shareholders paid an amount of $0.0499 for each LITCF, with around 113,408,755 LITCF remaining on issue. Statements will be issued shortly to those shareholders who paid all outstanding amounts on their LITCFs. LIT has requested that the ASX change the designation of these 560,000 LITCF shares to the ASX code LIT accordingly. Cathode material to potential customers Recently, the company’s subsidiary VSPC Ltd dispatched its second-generation lithium manganese ferro phosphate (LMFP) cathode power to potential customers after meeting industry performance and physical property specifications.  This comes at a time when battery and electric vehicle producers worldwide, among them BYD, VW and Tesla are transitioning to the use of lithium ferro phosphate (LFP) cathode material in lithium-ion batteries. LIT says that lithium-ion batteries of both the LFP and LMFP type are cheaper and safer than those containing nickel and cobalt, and LMFP has up to 25% improvement in energy density over LFP. VSPC’s LMFP cathode material is available to established battery manufacturers and other potential customers for testing, on schedule with previously released plans.