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Altura raises only A$774,000 in A$3M share purchase plan

Altura MiningLtd. has managed to raise only A$774,000 from its share purchaseplan, which offered a maximum amount of A$3 million, it said July 18.

The company offered the share purchase plan followingcompletion of a A$20 million placement at 20 Australian cents per share, whichwas oversubscribed with applications in excess of A$80 million, according to aJune 9 release.

Altura plans to use the funding for development of itsPilgangooralithium project in Western Australia with the aim of starting construction ofthe mine in the fourth quarter.

Additionally, the company's further notes listed options,which expired on June 30, had a take-up rate of 99.9% and resulted inadditional proceeds of just over A$4 million.

In late April, Altura secured the first binding off-take deal for Pilgangoorawith China-based Lionergy Ltd.