ProspectResources Ltd. has increased its previously announced fundraising by A$2 million to A$16million.

The company said July 22 that it has received firm commitmentsfrom clients of DJ Carmichael Pty. Ltd. for an additional A$2 million byissuing 40 million shares at 5 Australian cents per share.

Proceeds will be used to accelerate drilling, mine designand feasibility studies at the Arcadia lithium deposit at Zimbabwe, as well as to orderlong lead-time items of plant for the project.

The company also intends to fast-track exploration and goldproduction at the God's Gift lithium deposit.