Pilbara Minerals Undertakes AU$6 Million Capital Raising Initiatives to Fast-track Lithium and Tantalum Projects in Australia

Pilbara Minerals Ltd. (ASX:PLS) announced that it has received applications totaling AU$6,465,000 (before costs) through a placement of 17 million shares at $0.045 per share to raise $765,000 and a secured convertible note issue to raise $5.7 million.

As quoted in the press release:

The funds raised from the issues will be utilized in the ongoing development of the Pilgangoora and Tabba Tabba projects. In particular, the company intends ramping up development of the Pilgangoora project and will shortly be commencing prefeasibility work including conversion of the exploration licences to mining leases. Discussions are underway with potential offtake partners for Pilgangoora spodumene (lithium) and tantalum and a number of environmental, hydrology and engineering studies will be running concurrently with resource drilling for the remainder of this year.

The company has agreed to place 17 million ordinary shares at a price of AU$0.045 (being a 14.6 percent discount to 5-day VWAP as at 27 May 2015) to a group of Australian professional and sophisticated investors to raise $765,000 before capital raising costs.

Click here to read the full Pilbara Minerals Ltd. (ASX:PLS) press release.