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.