Altura Mining Ltd. completed an oversubscribed placement to international institutional and sophisticated investors to raise A$26 million, it said Oct. 6.
Under the financing, the company will issue 136.8 million shares at 19 cents apiece.
Altura plans to use the funds to rapidly progress a stage-two expansion study at its fully funded flagship Pilgangoora lithium project in Western Australia, and for general working capital purposes.
The company noted that stage-one construction is on schedule for first lithium concentrate sales in the June 2018 quarter.
The expansion plan aims to increase production to 450,000 tonnes per annum of spodumene concentrate, from the start-up capacity of 220,000 tpa, and is aligned with the growth plans of Altura's Chinese off-take partners. The expansion definitive feasibility study is expected to be delivered early next year.