Loyal Lithium (ASX:LLI) has raised $3.3 million at a premium to fund exploration at the Trieste Lithium Project in Québec, Canada.
Under the placement, the company will issue around 7.3 million shares at an issue price of $0.45 per share, representing a 73% premium to the 15-day volume weighted average price of $0.26 and a 95% premium to the offering share price of $0.23 under the block trade agreement.
Canaccord Genuity acted as the sole lead manager.
The $3.3 million raised bolsters Loyal Lithium’s existing $5 million cash balance.
Power Minerals (ASX:PNN) has entered into a binding term sheet and convertible loan agreement for the funding and development of its Rincon Project, as part of the Salta Lithium Project in Argentina.
The agreement is a multi-party agreement between Singaporean entity Repenergy Investment Private, Legendary Star Investment Asia, and Chinese entity Li Energy Technology.
Under the agreement and term sheet, Power Minerals will receive initial funding of US$5 million ($7.5 million) in two tranches.
Tranche one comprises US$1 million as a convertible loan.
The tranche-two sum of US$4 million will be invested into an incorporated joint venture (JV) on completion of onsite due diligence, entry into a formal JV agreement and incorporating the JV entity and receipt of required Chinese government approvals for the investment.
Beyond the initial US$5 million, Repenergy will be responsible for sourcing financing for the Rincon JV, including for the manufacture and installation of plant, equipment, and project infrastructure.
Meanwhile, Tambourah Metals (ASX:TMB) has been awarded an Exploration Incentive Scheme (EIS) co-funded drilling grant of up to $180,000 for its namesake gold project.
The co-funded exploration drilling program offers up to a 50% refund for innovative exploration drilling projects.
Tambourah Metals is starting field work at the project to accelerate drilling in Q3 2024.
Write to Aaliyah Rogan at Mining.com.au
Images: Loyal Lithium & iStock
