ASX-listed Arizona Lithium has raised A$16.5-million in an oversubscribed flow through financing placement, with the funds to be used for exploration at its Prairie project, in Saskatchewan, Canada.
The proceeds from the placement will strengthen Arizona Lithium's balance sheet, enabling it to intensify its efforts on the Prairie project. The focus will be on exploration activities in the Dawson Bay and Souris River formations, with an aim to transition smoothly into production in the first half of 2025.
"We are excited to continue delivering positive updates to shareholders, including the release of the prefeasibility study at the Prairie project, which we believe will add significant value to the company. We look forward to an exciting 2024, with funding in place to drill exploration wells, complete existing wells and move towards production in the first half of 2025," MD Paul Lloyd comments.