PERTH (miningweekly.com) – Dual-listed Tawana Resources will raise A$7.2-million through the issue of 60-million shares to progress its lithium projects.
The company said on Wednesday that it would issue 60-million shares, at 12c each, with the issue price representing an 8% discount to Tawana’s last trading price on October 20.
The first tranche of the placement will consist of over 29.6-million shares and will be issued under the company’s 15% placement capacity, while a further 30.3-million shares will be issued subject to shareholder approval.
The funds from the first tranche placement will be used to continue the drilling programme at the Cowan lithium project, conduct due diligence on the adjoining Bald Hill mine, in Western Australia, and complete drilling and metallurgy at the Uis lithium project, in Namibia.
Funds from the second tranche placement will be used to advance the Bald Hill and Cowan lithium projects, including further drilling, metallurgical testwork, engineering studies and potential development scenarios.