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  • Pilbara Minerals (PLS) is pushing ahead with the third part of its $240 million capital raise, opening up the retail entitlement offer for eligible shareholders
  • The company is hoping to raise $60 million through the retail offer, with shareholders offered one new share for every 7.6 held at 36 cents per share
  • That’s a significant discount for shareholders, representing a 58.9 per cent markdown to the last traded price of shares on December 11.
  • PLS already raised $119 million via a placement earlier this week as well as $61 million through the institutional component of the entitlement offer
  • All of the money raised through this large-scale capital raise will go towards Pilbara’s acquisition of Altura Lithium (ALO) from Altura Mining (AJM)
  • Shares in Pilbara Minerals have been in a trading halt, related to the fundraising, for much of the week
  • PLS is now trading up 0.66 per cent at 76 cents per share

Pilbara Minerals (PLS) is pushing ahead with the third part of its $240 million capital raise.

The company has today opened up the retail component of its fully underwritten accelerated non-renounceable pro-rata entitlement offer.

It’s hoping to raise an additional $60 million through the retail offer, with shareholders offered one new share for every 7.6 held at 36 cents per share.

That’s a significant discount for shareholders, representing a 58.9 per cent markdown to the last traded price of shares on December 11.

The retail component opens today and is due to shut on Monday, January 11, before new shares are issued on January 18.

PLS has already raised $119 million via a placement earlier this week as well as $61 million through the institutional component of the entitlement offer.

All of the money raised through this large-scale capital raise will go towards Pilbara Mineral’s planned acquisition of Altura Lithium (ALO), a wholly owned subsidiary of Altura Mining (AJM).

Commenting on the purchase, the company stated in its retail offer booklet that buying ALO offered “a significant opportunity and logical step for Pilbara.”

“It provides Pilbara with a unique opportunity to realise tangible operational synergies by consolidating the two neighbouring projects (Pilbara’s Pilgangoora Project and the Altura Lithium Project) into a single integrated operation,” the company stated.

Shares in Pilbara Minerals have been in a trading halt, related to the fundraising, for much of the week.

PLS stock is now trading up 0.66 per cent at 76 cents per share at 11:32 am AEDT.

PLS by the numbers
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