Plymouth Minerals Ltd. is raising approximately A$6.5 million in a placement, with the bulk of the money earmarked for the completion of a feasibility study on its San Jose lithium-tin project in Spain.
The company said Dec. 13 that it received commitments for a placement of 36.4 million shares at 18 Australian cents each from new and existing Australian and international institutional investors, with closing expected Dec. 20.
Every three shares will come with one free attaching option exercisable at 29 cents per share by Sept. 30, 2018, subject to shareholder approval.
Plymouth recently increased lithium carbonate equivalent resources at San Jose to 1.6 million tonnes of lithium carbonate equivalent contained within indicated and inferred resources totaling 112 million tonnes at 0.61% lithium oxide and 0.02% tin.
The company has earned a 50% stake in the project under a June 2016 deal The completion of the feasibility study will increase its interest to 75%. The feasibility study is scheduled to be completed in the fourth quarter of 2018.
