- Solis Minerals (SLM) secures $8.15 million placement to fund its lithium exploration projects in Brazil
- Shares will be issued at 55 cents, a 6.78 discount from the last traded price
- The company’s key shareholder, Latin Resources (LRS), supported the placement by increasing its investment in the company to 17.79 per cent
- Capital raised will be used to fund the commencement of exploration drilling at its Jaguar and Borborema lithium projects
- Shares are trading at 81 cents, up 37.2 per cent at 2:50pm AEST
Solis Minerals (SLM) has tapped investors for $8.15 million to fund its lithium exploration projects in Brazil.
Shares under the oversubscribed placement will be issued at 55 cents apiece, marking a 6.78 per cent discount to the last traded price and a 57 per cent premium to the ten day VWAP.
The company’s largest shareholder, Latin Resources (LRS), has endorsed the capital raising efforts by increasing its investment in Solis to 17.79 per cent. The company’s directors have also subscribed for $200,000.
Executive director Matt Boyes said he is “delighted” by the efforts.
“The placement validates the portfolio of assets the company has recently acquired and our focus on the upcoming drilling program and building a new battery minerals business in South America,” Mr Boyes said.
The capital raised will be used to fund the commencement of exploration drilling at its recently-acquired Jaguar and Borborema lithium projects in Brazil.
SLM last traded at 81 cents, up 37.2 per cent at 2:50pm AEST.