DakotaMinerals Ltd. said May 2 that its placement of 61.6 millionordinary shares, at 20 Australian cents per share to raise A$12.3 million, washeavily oversubscribed.
The placement is expected to complete on or about May 9.
The "strong support" for the placement followsexceptional grades from first pass drilling of the lithium project inthe Pilgangoora region of Western Australia, including 35 meters at 2.1%lithium oxide and an overall average grade of 1.75% lithium oxide forintercepts assayed to date.
Proceeds will be used to accelerate the second and thirdphases of drilling at Lynas Find, with the aim to expand known mineralizationand rapidly define a resource.
The company may also explore further opportunities in thelithium sector.