Premier1 Lithiums AU$1.5 Million Capital Raise to Drive Exploration Efforts

Highlights:

• Successful Capital Raise: Premier1 Lithium Limited (ASX: PLC) has secured approximately $1.5 million at the time of writing through a placement and fully underwritten entitlement offer, priced at $0.008 per share.
• Exploration Funding: Proceeds from the raise will be directed towards advancing exploration efforts at the Yalgoo and Abbotts North projects, focusing on high-potential gold targets.
• Investor Support: Lead managed by Canaccord Genuity, the raise reflects strong investor backing for Premier1's exploration plans, with a general meeting scheduled for December 20 to approve shareholder options.

Premier1 Lithium Limited (ASX: PLC) Secures Funding for Yalgoo and Abbotts North Projects

Successful Placement and Entitlement Offer Premier1 Lithium Limited (ASX: PLC) has secured binding commitments from sophisticated and professional investors for a capital raise, amounting to approximately $1.5 million at the time of writing. This includes $209,000 (before costs) through a placement priced at $0.008 per share and an additional $1.3 million raised via a fully underwritten, non-renounceable pro-rata entitlement offer.

Lead Management and Entitlement Structure

The placement, managed by Canaccord Genuity (Australia) Limited, involves issuing 26,186,114 new shares at a discount to the last close of $0.011. Each participant will receive one free attaching option per three shares purchased, exercisable at $0.016 with a three-year term, pending shareholder approval. Premier1’s entitlement offer provides current shareholders the chance to buy five shares for every six owned, priced at $0.008 each. This offer, fully underwritten by Canaccord, seeks to raise $1.3 million, with up to 167.3 million shares available under this arrangement.

Exploration and Development Initiatives

The funds raised will support geophysics, geochemistry, and drilling operations at the company’s Yalgoo and Abbotts North projects, as well as cover corporate costs. According to Managing Director Jason Froud, the capital raised affirms the company’s strong investor support and will advance exploration programs focused on untested high-grade mineralization at Yalgoo, which shows significant potential at depth and along the strike.

Timetable and Future Actions

The entitlement offer opens on November 20, with a close date of December 17, 2024, and shareholders who don’t fully participate will forfeit unexercised rights as the offer is non-renounceable. The general meeting to approve shareholder options for the placement is scheduled for December 20, ensuring all steps align with Premier1’s expansion objectives in the lithium sector.

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