PERTH (miningweekly.com) – Lithium explorer Global Lithium Resources will raise A$13.6-million to fund exploration at its Marble Bar lithium project, in the Pilbara.
The company will place an initial 19.7-million shares under its existing placement capacity, to raise A$7.3-million, and a further 16.6-million shares to cornerstone investor Yibin Tianyi, to raise a further A$6.2-million, subject to shareholder approval.
A further 405 405 shares would be placed to certain directors of the company, also subject to shareholder approval, to raise a further A$0.15-million.
MD Jamie Wright said on Monday that the company had been overwhelmed by the support received for the capital raise.
“To be able to secure support from a lithium industry participant with the credibility of Yibin Tianyi is a strong vote of confidence in our company and we look forward to developing our relationship with them over time.
“The capital raising funds provide us with the ability to ramp up our activities on site as we seek to grow our project and we are looking forward to a busy 2022 period. Drilling is continuing at our Marble Bar project and we will update the market as we start to receive results.”
Funds raised will to go towards resource extension at the project, further exploration of the company’s under-explored gold prospects, completing preliminary metallurgical test work, and potentially acquiring growth projects.