Lithium Plus Minerals Limited (ASX: LPM) announces firm commitments for a placement of new ordinary shares, amassing AU$8.0 million, marking an important step in their financial strategy. The placement, set at AU$0.40 per share, garnered solid backing from key investors like Suzhou CATH Energy Technologies, existing sophisticated and institutional investors, and notable participation from Develop Global Ltd and its Managing Director, Bill Beament.
The raised funds are earmarked to expedite exploration drilling at the Kings Landing Area within the Bynoe Lithium Project, preparing for the Maiden Lei JORC Resource Estimate expected in Q4 2023. Simultaneously, the company aims to advance prefeasibility study efforts at Lei. Following the equity Placement, Lithium Plus anticipates robust financial standing, boasting a cash reserve of around AU$14.1 million, enabling their forthcoming initiatives and objectives.
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