PERTH (miningweekly.com) – Junior Decision Minerals will elevate A$1.03-million in a strategic placement to US and Australian buyers, to fund the acquisition of a 5% stake in North America-focused lithium explorer Midwest Lithium.
The ASX-listed firm on Tuesday introduced that it will place 103-million shares, at a value of 0.1c every, representing a 2.3% low cost to the corporate’s 15-day quantity weighted common share value, and a 3% low cost to its five-day quantity weighted common share value.
A further 10-million shares might be issued on the identical value, topic to shareholder approval.
“The corporate could be very excited to have the ability to take this chance to spend money on a top quality hard-rock lithium asset in a high mining jurisdiction. Together with the upcoming drilling programme on the Wollogorang copper challenge, it’s one other step in advancing our new vitality metals technique and creating tangible worth for Decision Minerals shareholders,” mentioned MD Steve Groves.
“We’re additionally actually inspired by the help proven by the US- and Australia-based buyers who share our long-term imaginative and prescient for the corporate.”
The majority of the funds might be used to make a close to 5% fairness funding in Midwest Lithium, with properties within the Black Hills district of South Dakota. The funding is being undertaken in Midwest Lithium as a part of their bigger capital elevating of $2-million, which is anticipated to be enough to permit the US firm to finish additional tenement acquisition prices, and proceed exploration programmes, allowing and dealing capital.
Midwest shareholders permitted Decision Minerals’ acquisition of an curiosity within the firm.
Mineral Assets instructed shareholders on Tuesday that this funding underpins the corporate’s dedication to rising its publicity to new vitality metals and property and offers shareholders early publicity to an underexplored identified spodumene-pegmatite lithium area in an space with important previous spodumene manufacturing.