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Marindi Metals raises A$2M to advance base metals, lithium projects in Australia

Marindi MetalsLtd. said June 2 that it has raised approximately A$2 millionthrough a share placement to existing and new sophisticated and professionalinvestors.

The company issued approximately 203,000,000 new shares atan issue price of 1 cent apiece.

Proceeds from the placement will be used to expand andadvance the company's exploration at its wholly owned base metals project inWestern Australia, and to fund preliminary work at both its lead-zinc projectin the Northern Territory and its recentlyacquired Forrestania lithium project in Western Australia.

Marindi also said it plans to raise A$1 million through ashare purchase plan. The offering is set to close on June 22.