Pilbara Minerals Raises $100M to Accelerate Development of Pilgangoora Lithium-Tantalum Project

Pilbara Minerals Limited (ASX:PLS) announced a placement of 223.68 million fully-paid ordinary shares at an issue price of $0.38 per share, to qualified institutional and sophisticated investors in Australia and internationally, to raise $85 million. The Company will also undertake a fully underwritten Share Purchase Plan to existing shareholders with registered addresses in Australia and New Zealand, to raise a maximum further amount of $15 million.
The milestone raising will significantly strengthen Pilbara’s balance sheet, putting the Company in a very strong position to rapidly advance its flagship Pilgangoora Lithium-Tantalum Project in WA – one of the world’s premier new lithium projects – into production to take advantage of strong market conditions and rapidly increasing demand.
Pilbara Minerals CEO, Ken Brinsden, stated:

This is a tremendous outcome for Pilbara which clearly demonstrates the strong appetite amongst global investors to gain exposure to the rapidly emerging opportunity in lithium – and to do so by investing in Tier-1 assets like Pilgangoora.
The Directors of Pilbara are pleased to welcome a number of high quality Australian and international institutional investors onto the Company’s share register. At the same time the SPP will allow our existing retail shareholders to participate in this milestone raising for the Company on the same terms.

Connect with Pilbara Minerals Limited (ASX:PLS) to receive an Investor Presentation.