Consolidated Zinc Limited raises AU$2.1 million to fund lithium exploration program at Pilbara Tenements

Consolidated Zinc Limited (ASX: CZL) announced that it had received firm commitments from sophisticated and professional investors to raise approx. AU$2.1 million through a placement. The placement comprises the issue of approx. 75.6 million fully paid ordinary shares at AU$0.22 per new share. The issue price indicates a 6.8% discount to the 30-day VWAP & is equal to the last traded price per share.

In conjunction with the placement, Consolidated Zinc Limited will issue one free attaching new option for every share subscribed under the placement at an exercise price of AU$0.04 each with an expiry date of 31 December 2024 to potentially raise AU$1.66 million. Proceeds from the placement will be used to fund the exploration cost at the Pilbara Lithium Project, which denotes a large landholding of exploration licenses in the Pilbara and Gascoyne Regions in WA, and for the general working capital requirement.

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