PERTH (miningweekly.com) – Junior explorer Core Exploration would raise A$2.2-million through a share placement to fund its hunt for lithium in the Northern Territory.
The company said on Tuesday that it would place some 52-million shares, at a price of 4.2c each, to raise the funds.
The placement would be made under the company’s existing 15% capacity, and would not require shareholder approval.
“We are extremely pleased with the strong support from investors for the placement, which includes the introduction of several domestic and international institutional investors,” said Core MD Stephen Biggins.
“We’ve been able to build a dominant position across multiple pegmatite fields through our early mover advantage in the Northern Territory, and this placement now allows us to more aggressively undertake the first systematic evaluation of this large portfolio for its lithium potential.”
Biggins noted that the funds raised would enable Core to fast-track its evaluation programme at the Finnis and Anningie lithium projects, and would ensure that the company’s planned 2016 work programme was fully funded.
“This year is shaping up to be a very exciting year for Core and we look forward to working hard to unlock the potential of our highly prospective lithium projects.”