Lithium Energy raises A$15m for Argentinian exploration
PERTH (miningweekly.com) – ASX-listed Lithium Energy will raise A$15-million in a heavily oversubscribed share placement to fund drilling at its Solaroz lithium brine project, in Argentina.
Lithium Energy on Thursday said that it had completed the capital raise, which consisted of 15-million shares at an issue price of A$1 each. The placement was completed within the company’s existing placement capacity, and did not require shareholder approval.
Funds will go towards accelerating and potentially expanding drilling activities at Solaroz, and to advance the development of the Burke graphite project, in Queensland.
Lithium Energy is hoping to define a maiden Joint Ore Reserves Committee-compliant mineral resource from the 12 000 ha concession on the Salar de Olaroz basin, and has previously defined an exploration target of between 1.5-million and 1.8-million tonnes of contained lithium carbonate equivalent at Solaroz.
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