- Lithium Plus Minerals (ASX:LPM) is tapping investors for $8 million through a placement
- The company wants the funds to enhance exploration at its Bynoe lithium project in the Northern Territory
- The placement will issue shares at 40 cents apiece
- The $8 million will go towards drilling at the Kings Landing Area target within the Bynoe project boundary
- LPM is aiming for a maiden JORC resource estimate
- Shares last traded at 48 cents
Lithium Plus Minerals (ASX:LPM) is tapping investors for $8 million through a placement at 40 cents apiece.
The company will use the funds to advance drilling at its Bynoe lithium project in the Northern Territory.
Specifically, the rigs will target the Kings Landing Area target within the larger project envelope.
The funding comes ahead of Lithium Plus’s maiden JORC resource estimate for the Lei target.
LPM expects to have $14 million in cash upon completion.
Major Chinese investor
The placement was strongly supported by Suzhou CATH Energy Technologies, already a cornerstone investor in the company.
The company doesn’t boast an English-language website, but, the same player has its eyes on WA.
The company previously sunk millions into an AVZ Minerals (ASX:AVZ) project.
While that deal ended with more questions than answers, concerns related to foreign investment rules in the Congo.
Tech metals player
Suzhou CATH weren’t the only noteworthy participants.
The placement also received interest from Develop Global, an Australian tech metals company headed by Bill Beament.
LPM management thanked Mr Beament, especially in their remarks.
JORC maiden resource pending
LPM Executive Chair Dr Bin Guo is targeting rapid exploration plans.
“Our immediate focus will be to further delineate the size and scope of the significant opportunity presented across the multiple outcropping pegmatites within the Kings Landing Area,” he said.
“We have been well supported in this placement, with the additional funding providing a strong runway for the drill out of Perseverance, Jewellers and Jenny’s pegmatites.
“In the meantime, we remain on track for completion of a maiden JORC resource Estimate at the Lei prospect scheduled for Q4 2023.”
LPM shares last traded at 48 cents.