Arizona Lithium Secures AU$16.5 million for Prairie Project Advancement

Arizona Lithium Limited (ASX: AZL) successfully raised AU$16.5 million through an oversubscribed Flow Through Financing Placement, demonstrating institutional and sophisticated investor support. The placement, priced at AU$0.051 per share, signifies a 30% premium to the closing price on December 13, 2023. The funds will be directed towards the Prairie Lithium Project, supporting drilling initiatives in 2024 within the Dawson Bay and Souris River Formations.

The capital injection will enable Arizona Lithium to complete wells, gearing towards production in Q1 2025. A Preliminary Feasibility Study (PFS) is anticipated by the end of 2023. Notably, Navajo Transitional Energy Company LLC (NTEC) participated in the funding, becoming a shareholder. The placement enhances the company's financial position, emphasizing commitment to sustainable lithium development projects in North America.

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