PSC returns high grade lithium oxide results, lands $16m placement
From the total 375 samples collected, the initial 207 samples found:
- 6 samples return > 4% Li2O
- 22 samples return > 3% Li2O
- 74 samples return > 2% Li2O
- Peak grade is 4.37% Li2O
The samples were collected in 1-2m intervals on the central eastern side of the historic Arcadia pit face.
PSC is still awaiting the results on the final 168 samples.
In addition, PSC has raised $16m subject to shareholder approval.
The placement consists of 280m shares to be issued at 5c per share to overseas sophisticated investors, to raise $14m and an additional $2m to be raised via the issue of 40m shares at 5c per share.
A significant premium to the 20 day VWAP of 3.6c.
Proceeds of the placement will be used to:
- fast track drilling at the Arcadia Lithium deposit, approx. 35kms north east of Harare;
- accelerate mine design, plant design and feasibility studies for the Arcadia Lithium deposit;
- enable the Company to order long lead time items of plant for the Arcadia Lithium deposit;
- fast track exploration at the God’s Gift Lithium deposit;
- accelerate gold production at the Gwanda East gold camp, south east of Bulawayo;
- provide the Company with capacity to make additional strategic acquisitions, particularly within the lithium, graphite and cobalt sectors; and
- supplement general working capital.
Shareholder approval on the capital raising is set to take place Friday 22nd July 2016 at the extraordinary general meeting.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
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