C29 Metals Ltd (ASX:C29) is raising $1.1 million having completed an oversubscribed placement of 5,116,279 shares at a price of 21.5 cents per share.
The money will primarily be directed towards drilling of C29’s Argentinian Pocitos 7 and 9 salar lithium brine projects as well as for funding working capital.
Following completion of the placement, C29 will have approximately 46.9 million shares on issue.
Shares are expected to be issued on or around December 21, 2022.
The pricing for the oversubscribed placement represents a 6.5% discount to the last traded price with the company receiving bids in excess of $1.1 million.
This raise comes at an opportune time after the company recently retained two key consultants who provide lithium, geological and in-country expertise to help advance lithium brine projects in the Argentine section of South America’s prolific Lithium Triangle.
Read more: C29 Metals retains key consultants as it advances projects in South America’s Lithium Triangle
About C29
Amongst its projects in tier-1 mining regions are two highly prized lithium brine projects within the South American Lithium Triangle and seven granted prospective Australian copper projects.
C29 has a very low Enterprise Value relative to peers with massive growth potential.
The company has an exploration-focused strategy over underexplored discoveries, greenfield projects with scale and grade, and ability for technological advanced value creation propositions.
Its near-term activity is guided by experienced board and management.