Pilbara Minerals raises $12m

Lithium hopeful Pilbara Minerals has raised $12 million in an oversubscribed placement to fund ongoing work at its flagship Pilgangoora project east of Port Hedland.

Pilbara placed 52.2 million shares at 23 cents each to raise the funds, to support drilling and feasibility study work to be conducted at Pilgangoora, as well as drilling campaigns.

The Perth-based explorer plans to release a pre-feasibility study on Pilgangoora in February next year, and a definitive feasibility study in mid-2016.

Pilbara chairman Tony Leibowitz said the raising was a significant endorsement of the company’s flagship project and its plans to fast-track development.

“The next 12 months is shaping up to be a very exciting time for Pilbara Minerals, as feasibility studies are finalised and we move rapidly towards financing and development of a world-class spudomene project at Pilgangoora – transforming Pilbara into a major player in the exciting and rapidly growing lithium sector,” he said.

Foster Stockbroking acted as lead manager to the placement.

Pilbara shares closed 7.1 per cent lower to 26 cents each.