PERTH (miningweekly.com) - Junior Morella Corporation will raise A$7.5-million to support its lithium growth strategy in Western Australia and Nevada.
The ASX-listed company on Monday announced that had received firm commitments for the placement of 500-million shares, in a single tranche, and at an issue price of 1.5c each to new and existing institutional and sophisticated investors.
Waratah Capital Advisors, through its subsidiary, Waratah Electrification and Decarbonization Fund, has provided a cornerstone investment in the placement for A$3-million.
“The completion of this successful capital raise provides Morella with the balance sheet to continue to advance our lithium project interests which are located in two of the best mining jurisdictions in the world,” said CEO Alex Cheeseman.
“It is a testament to the team and portfolio we have built that we have gained the support of a premier lithium specialty investor and we are very pleased to be partnering with LRC and Waratah. With the raise now completed we focus directly on advancing our projects and look forward to keeping the market updated as our exploration and resource definition works progress.”