AZLs AU$10 million placement advances Prairie Lithium Project

Arizona Lithium Limited (ASX: AZL) has recently secured firm commitments to raise AU$10 million (before costs) through a Placement aimed at institutional and sophisticated investors, marking a significant step forward for the Prairie Project. The funding will be garnered through a share placement to institutional and professional investors at AU$0.025 per share ("New Shares"), along with one free attaching option per one New Share ("Placement").

These options will be exercisable at AU$0.05 each, with a two-year expiration period from the date of issue ("Options"). Notably, 27.3% of the Options are subject to shareholder approval, and the Company will quote them upon meeting ASX's listing requirements. The raised capital will be instrumental in bolstering the Company's financial position, enabling the advancement of the Prairie Project. Key initiatives include a resource upgrade, the establishment of a pilot plant, and the completion of a pre-feasibility study.

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