Core Exploration is fully funded to complete a pre-feasibility study and feasibility study for its flagship Finniss lithium project near Darwin, Northern Territory. The company received firm commitments for $5 million of new shares at 53 cents each.
According to Core managing director Stephen Biggins, the company was delighted to receive such “strong support”.
“I would like to welcome the participants in the placement as Core shareholders at a very exciting phase as Core plans to rapidly transition into development mode in early 2019,” he said.
“Core’s Finniss lithium project is on a pathway to production, and the support for this capital raising is not only a strong validation for the project, but will allow us to continue to aggressively progress its development as well as maintain our strong commitment to growing our mining inventory through nearby discoveries.”
Core has announced a share purchase plan to raise a further $2 million for eligible Australian and New Zealander shareholders, which will be priced at the same level as the placement.
Aside from the Finniss project, Core’s Northern Territory portfolio includes the Anningie and Barrow Creek pegmatite fields near Mt Peake, Jervois Domain, and Albarta projects. Its South Australian projects include Yerelina, Roxby Downs and the Yorke Peninsula project. The company also owns two uranium projects, Fitton in SA and the undeveloped project Entia in NT.