Pilbara Minerals (ASX:PLS) is now fully funded to complete its transition to production and undertake major exploration at its key tantalum and lithium projects in WA’s Pilbara region after raising over $3 million.
The funds were raised through the recent share purchase plan and subsequent placement of shortfall applications, which were well in excess of the available shortfall.
Together with the $920,000 raised through the share placement to sophisticated and professional investors in June, the company has now raised almost $4 million in the past six weeks.
Completion of the raising represents a vote of confidence in PLS’ dual strategy of moving into production while also growing its resource base and mine life through aggressive exploration.
Specifically, funds raised will be used for installation of the 120,000tpa processing plant and commencement of mining at Tabba Tabba, which is being developed under a 50/50 joint venture with Nagrom Mining.
Capital will also be directed at aggressive resource development programs at the company’s other strategic metals assets in the Pilbara region.
The combination of near term cash flow from the Tabba Tabba Tantalum Project, which will commence production during the fourth quarter of this year, combined with exploration upside offered by Tabba Tabba and the Pilgangoora Tantalum-Lithium Project makes for an appealing growth story.
