PERTH (miningweekly.com) – Junior Arizona Lithium will raise A$13-million in a placement to institutional and sophisticated investors to fund works at the Big Sandy lithium project, in Arizona.
The ASX-listed company on Monday said that the placement will consist of 173.3-million shares, at a price of 7.5c each, and one free attaching option for every two shares subscribed for, exercisable at 12c each.
The placement will be done under the company’s existing placement capacity, and will not require shareholder approval.
“We are delighted with the strong support received from investors for the capital raise, with Arizona Lithium now well funded to fast track the sustainable development of the Big Sandy lithium project, and capitalise on the increasing demand for lithium as the world continues to shift towards an electric future,” said Arizona Lithium MD Paul Lloyd.
“With metallurgical testing continuing at Hazen, and further drilling planned at Big Sandy with the aim of further expanding the existing resource, it is an exciting time for all Arizona Lithium shareholders.”
Big Sandy was reported to have a maiden mineral resource of 32.5-million tonnes, grading 1 850 parts per million or 320 800 t of lithium carbonate equivalent.