Alliance Mineral
Alliance Mineral Assets. Alliance Mineral website

Alliance Mineral Assets on Tuesday said it has received all the payments from Hong Kong-listed Burwill Commodity under the shares placement exercise.

Alliance entered into a deal with Hong Kong-based Burwill Holdings' unit to place A$19.6 million of shares in October.

"This is a sign of commitment from Burwill on the Bald Hill Project. With all these funds received, we are fully funded till the first shipment of lithium concentrate," Alliance Mineral Chief Executive Tjandra Pramoko said in a statement.

Alliance Mineral and its joint venture partner at Bald Hill mine, Australia-listed Tawana Resources have been ramping up the construction work at the mine.

Alliance Mineral and Tawana have a binding offtake agreement with Burwill, under which Burwill will buy the 6 percent Li2O concentrate over the first two years of production from the mine at a price of US$880 per ton.

The placing with Burnwill was announced after Alliance's auditor Ernst & Young raised doubt about the Perth, Australia-based firm's ability to continue as a going concern, if it is unable to raise more funds.

The auditor flagged a pre-tax loss of A$4.80 million (S$5,119,580) for fiscal 2017, and A$4.08 million for fiscal 2016.