Voltaic raises $7m to fund lithium and rare earths exploration
Link copied to
Voltaic Strategic Resources has received firm commitments for a $7m placement at $0.05 per share to accelerate exploration programs at the Ti Tree lithium and Paddys Well Rare Earth Elements (REE) projects in the Gascoyne Region of Western Australia.
“The placement was strongly supported; this excitement for Critical Minerals is highly encouraging and underpins the prospectivity for the Gascoyne Region in playing a major role in Western Australia’s future development,” Voltaic Strategic Resources (ASX:VSR) CEO Michael Walshe said.
Walshe said proceeds from the placement will enable the company to systematically and rapidly advance exploration programs at flagship projects and upscale its operational activities.
“With this transformational placement, Voltaic is now well funded to drill a number of key lithium and rare earth targets across both our Ti Tree and Paddys Well Projects,” he said.
“We are especially excited to follow up our drilling at Ti Tree, where earlier in the week we announced we had intersected multiple thick pegmatites at the Andrada prospect, from ‘first pass’ drilling, with widths of up to 58m of continuous pegmatite from surface.”
The placement will be undertaken in two-tranches for up to 144 million shares to institutional, professional and sophisticated investors, with the issue price a 9.8% discount to the 5-Day VWAP.
This article was developed in collaboration with Voltaic Strategic Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.