PERTH (miningweekly.com) – Lithium miner Pilbara Minerals has successfully completed the retail component of its entitlement offer, raising some A$60.6-million.
The company last year announced plans to raise some A$121-million through a fully underwritten accelerated non-renounceable entitlement offer, to partly fund the $175-million buy of fellow-listed Altura Mining, in order to gain ownership of Altura’s Pilgangoora lithium project, in Western Australia.
Pilbara said on Thursday that eligible shareholders subscribed for some 125-million new shares, at a price of 36c each in the retail entitlement offer, which closed on January 11.
The remaining 43.2-million new shares not taken up in the retail offer have been allocated to the sub-underwriters.
Some 168.2-million new shares will be issued under the retail entitlement offer, with shares to be allotted on January 18, and to start trading on the same day.
Along with the institutional component of the entitlement offer, and a cornerstone share placement, some A$240.2-million has now been raised by Pilbara.
“We are delighted with the level of support we have received from retail shareholders and are pleased to now confirm the successful completion of the entitlement offer,” said MD and CEO Ken Brisden.
“The entitlement offer, together with the cornerstone placement announced on December 14, provides Pilbara with the funding necessary to complete the acquisition of the neighbouring Altura project on an unencumbered basis, thereby realising the full value of synergies and benefits for Pilbara Minerals’ shareholders that arise from this unique opportunity.”