Scorpion raises A$3m in oversubscribed offering
Western Australian lithium explorer Scorpion Minerals has completed a A$3-million capital raising through the issue of 60-million fully paid ordinary shares at A$0.05 each.
The issue includes a free attaching option on a 1:2 basis, with an exercise price of A$0.075 per option and an expiry date of two years from date of issue.
Scorpion will use the funds to advance its lithium exploration strategy in Western Australia, for working capital purposes and to assess new strategic opportunities in the lithium sector as they arise.
“Western Australia is currently the hottest address globally for hard rock lithium exploration and development,” commented CEO Michael Fotios.
“Following the completion of this capital raising, Scorpion is extremely well positioned to harness this investor interest and unlock considerable value from its portfolio over the coming months. Our targeted drilling programmes completed at Youanmi have so far shown the potential scale and high-grade nature of the project. This drilling has delivered a vast amount of technical data and we are currently in the process of integrating this into our maiden Joint Ore Reserve Committee-compliant resource estimate for the project. Importantly, mineralisation remains open in all directions at Youanmi, and we are confident that further drilling in the near term will add to the scale of the project.”
Youanmi project covers an area of 177 km2 located 450 km northeast of Perth in the East Murchison mineral field.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
