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Pilbara Minerals raises capital to accelerate WA projects

1st June 2015

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – Strategic minerals company Pilbara Minerals has announced a A$6.47-million capital raising to fund the development of its lithium and tantalum project in Western Australia.

The ASX-listed company reported on Monday that it had received applications to raise a total of A$6.465-million from professional and sophisticated investors in two capital raising initiatives. An immediate placement of 17-million securities at A$0.045 a share would raise A$765 000 and a secured convertible note issue would raise A$5.7-million.

The funds raised from the issues would be used in the ongoing development of the Pilgangoora and Tabba Tabba projects. Pilbara Minerals said it intended ramping up development of the Pilgangoora project and would shortly be starting prefeasibility work, including conversion of the exploration licences to mining leases.

Discussions were also under way with potential offtake partners for Pilgangoora spodumene (lithium) and tantalum and a number of environmental, hydrology and engineering studies would be running concurrently with resource drilling for the remainder of this year.

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Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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