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Report: Pilbara Minerals looking to raise up to A$90M

PilbaraMinerals Ltd. is raising up to A$90 million, comprising of aplacement of shares of up to A$80 million and a A$10 million share purchaseplan, in a deal led by Blue Ocean Equities, TheAustralian Financial Review's Street Talk reported April 5 citing unnamedsources.

The share offering, which was priced at 38 cents per share,included a A$60 million placement, with oversubscriptions for up to anotherA$20 million.

The equity raising comes after an investor roadshow throughLondon, Hong Kong and New York.

A definitive feasibility study on the company's flagshipPilgangooralithium-tantalum project — which has a posttax net present value of A$407million, using a 10% discount rate, and an internal rate of return of 44% — inWestern Australia is due forcompletion in the third quarter. Construction at the project isslated to begin in the first quarter of 2017.