Pilbara Minerals (ASX:PLS) has completed its share purchase plan, with total applications received for $2.6 million at $0.015.
Together with the proceeds of its recent $920,000 share placement, funds raised will be used to complete construction of the processing facility for the company’s flagship Tabba Tabba Tantalum project in WA’s Pilbara region.
Production here is scheduled to commence in October 2014.
The 120,000tpa tantalum processing plant is being developed under a 50/50 joint venture between Pilbara and Nagrom Mining.
Funds will also provide working capital to fund the commencement of mining and commissioning, and to fund aggressive resource development programs at the company’s other strategic metals assets in the Pilbara region.
This will include drilling to grow the resource base at the recently acquired Pilgangoora Tantalum-Lithium project, a potentially world-class tantalum-lithium resource located adjacent to Altura Mining’s (ASX:AJM) Pilgangoora lithium resource.
The strong response to the SPP reflects shareholders’ support for PLS' growth strategy, which is based on moving into production as quickly as possible at Tabba Tabba to generate near-term cash flow from which to grow the company.
The company is capped at under $9 million and looks to be an emerging growth story.
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