Patagonia Lithium (ASX:PL3) is conducting a fully underwritten pro-rata non-renounceable entitlement offer to raise $2.68 million to fund drilling and prepare a resource estimate within the Formentera Project in Argentina.
Under the offer, eligible shareholders will be entitled to subscribe for one new share for every two shares held at $0.045 per new share. The offer is fully underwritten by existing shareholders Jose Manzano and Magnus Capital.
Patagonia will use the funds to seek a greater level of mineralisation within the indicated and measured resource category.
The offer is expected to close at 5pm AEST on 21 August 2025.
The Formentera Project, located in Paso Salar, Jujuy Province, is considered prospective for lithium and borates. The project area is 1,752 hectares.
Patagonia Lithium has acquired three prospective properties to explore for lithium in the lithium triangle in Argentina. In 2024, the company staked more than 41,000 hectares over 25 concessions in Brazil.
Write to Aaliyah Rogan at Mining.com.au
Images: Patagonia Lithium
