10/07/2019 - 14:09

Lithium juniors to raise $24.5m

10/07/2019 - 14:09

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Piedmont Lithium has raised $21 million via a share placement to complete the definitive feasibility study for its namesake project, while Marindi Metals has tapped investors for $2.5 million, and Koppar Resources for $1.1 million.

Lithium juniors to raise $24.5m
Three lithium-focused junior mining companies are set to raise nearly $25 million combined.

Piedmont Lithium has raised $21 million via a share placement to complete the definitive feasibility study for its namesake project, while Marindi Metals has tapped investors for $2.5 million and Koppar Resources for $1.1 million.

The funds for Piedmont’s placement were raised at an issue price of 14.5 cents per share, and was led by global asset manager Fidelity.

The issue price represented a 9 per cent discount to the previous closing price before the placement was dislosed to the market.

The company’s largest shareholder, AustralianSuper, agreed to subscribe to maintain its pro rata 13 per cent position.

The Keith Phillips-led Piedmont said proceeds from the placement would be used to complete a definitive feasibility study for the development of its 100 per cent owned Piedmont lithium project, which is located in the Carolina tin-spodumene belt in the US.

The funds will also go towards additional drilling to upgrade the project’s Inferred resources to Indicated resources, additional metallurgical testwork and engineering studies, ongoing land consolidation, and general working capital.

Today, Marindi Metals announced it was set to raise $2.5 million via a placement, convertible note issue and rights issue to fund gold and lithium exploration at its Forrestania project near Southern Cross in Western Australia.

A one-for-one rights issue will raise $2.2 million and will be the same price as placement at 0.1 cents each.

Forrest Capital was lead manager to the placement and rights issue.

Also today, Koppar Resources proposed a $1.1 million share placement, to help fund the purchase of the Vulcan lithium project in Germany.

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