Prospect raises $5.2m

Prospect Resources has raised $5.2 million via a share placement and share options exercise, with the funds raised to be utilised for general working capital.

The Subiaco-based lithium hopeful raised around $1.2 million through the exercise of options and $4 million via share placement.

Prospect chairman Hugh Warner said the directors and management team were confident in the success of progressing its Arcadia lithium project and have demonstrated this by exercising the options.

“The team are focused on rapidly and cost effectively developing Arcadia to become Africa’s leading lithium producer,” he said.

The Arcadia project is located on the outskirts of Harare in Zimbabwe.

In November last year, the company completed its definitive feasibility study on the project, which estimated a capital cost of $US163 million.

Propsect last traded at 1.5 cents each.