Forrestania Resources Limited announces to raise AU$2.7 million via placement

Forrestania Resources Limited (ASX: FRS) announced that it had received binding commitments from various institutional and sophisticated investors to raise AU$2.7 million via placement. The placement includes the issue of approx. 18.0 million fully paid ordinary shares at AU$0.15 per new share. The issue price denotes a 13% discount to the last traded price & a 25% discount to the 10-day VWAP Price.

In conjunction with the placement, the company will also undertake a non-renounceable rights issue of options, under which the company will give one option for each two shares purchased by eligible shareholders at an issue price of AU$0.005 per Loyalty Option. Funds raised via the placement will mainly be used to increase lithium-focused exploration at its Forrestania Project and also to meet minimum exploration commitments at the company’s other projects and for general working capital requirements.

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