OCN secures Monaro Lithium Project acquisition in James Bay, Quebec

Oceana Lithium Limited (ASX: OCN) has successfully obtained an exclusive six-month option agreement to purchase 207 mineral claims encompassing a vast area of 104.4km2 located within the lithium-rich James Bay province in central Québec, Canada. To support the exploration efforts on this project, the company has successfully raised approximately AU$4.1 million through an oversubscribed placement, with firm commitments from existing and new sophisticated investors.

This funding was raised by issuing 12.9 million new shares at AU$0.32. James Bay emerges as prolific lithium province, housing notable deposits. Notably, this area has recently attracted major player Rio Tinto, who has committed C$65 million towards exploration and related expenses in partnership with local company Midland Exploration.

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