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Liontown raises A$1.3M to fund lithium projects

LiontownResources Ltd. said March 29 that it received commitments to raise aboutA$1.3 million to progress the exploration and evaluation of its lithiumprojects in Australia and Africa.

The nonbrokered placement to sophisticated and professionalinvestors comprised 87,133,335 shares at 1.5 cents apiece, and closedoversubscribed.

Funds raised will be used to advance exploration anddrilling at the Bynoelithium project in Australia's Northern Territory and the lithium project inTanzania, and for working capital.

The company also settled a A$350,000 loan from Chairman TimGoyder by issuing 23,333,333 shares at 1.5 cents each.