PERTH (miningweekly.com) – Junior Essential Metals will raise A$5-million in a share placement to institutional and sophisticated investors to fund lithium exploration in Kalgoorlie.
The ASX-listed company on Wednesday said that it would issue 40-million shares at a price of 12.5c each under its existing placement capacity, meaning shareholder approval would not be required.
“This placement is a strong vote of confidence in our Pioneer Dome lithium project and our strategy to become a new force in the global lithium supply chain,” said Essential Metals MD Tim Spencer.
“We are delighted to welcome a number of new investment funds and family offices to the Essential Metals register through this placement, with the funds providing the company with a robust balance sheet to advance our lithium growth strategy.”
Funds will go towards additional drilling at Dome North, to follow up results from a current drilling programme, while also funding expanded exploration activities.