Premier1 Lithium (ASX:PLC) has closed its renounceable entitlement offer, raising an oversubscribed total of $2.17 million to cover exploration and growth opportunities across its Abbotts North and Yalgoo projects in Western Australia.
Originally intending to raise $1.8 million, the company will now issue a total of 434.26 million shares, as well as 217.13 million options exercisable at $0.015 and to expire on 6 November 2028.
The follow-on placement comprised 66.2 million shares and 33.1 million options.
Mahe Capital acted as the lead manager and underwriter for this offer and placement, with securities expected to be issued on 6 November.
The company will deploy funds to cover heritage surveys and drilling at both Western Australian projects, as well as additional geophysical activities at Abbotts North.
Non-executive Chairman Hugh Thomas says existing shareholders engaged in this entitlement offer have shown continued support and enthusiasm for Premier1.
“I also welcome the new shareholders as we embark on our well published exploration program for the end of this year and early calendar year 2026,” Thomas says.
Premier1 Lithium is a Western Australian-based mineral explorer focused on unlocking potential across its Abbotts North and Yalgoo projects.
Write to Maddison Elliott at Mining.com.au
Images: Premier1 Lithium
