ASX-listed exploration company Alderan Resources has completed the acquisition of Parabolic Lithium, a company that has the right to acquire a 100% interest in seven lithium exploration projects in the mineral resource-rich state of Minas Gerais, Brazil.
The acquisition follows completion of due diligence checks on Parabolic and the 24 licences that make up the projects in Brazil, as well as reconnaissance field visits which identified pegmatites in five of the seven project areas.
Further, Alderan announced that the A$1.75-million capital raising, led by Peak Asset Management, had been successfully concluded and that the securities had been issued.
The company will use the funds raised to rapidly advance its Brazil lithium portfolio and its US copper and gold projects.