Mithril Resources Ltd (ASX:MTH) has raised $309,000 through a share placement to be used for working capital and to commence work on the company’s lithium and cobalt prospects.
The placement of 61,950,000 shares at an issue price of $0.005 each was made to sophisticated investors.
Taylor Collison Limited, which acted as lead manager for the placement will be issued 6,500,000 options exercisable at the placement price for a term of 3 years, for successfully completing the raising.
In February, Mithril announced the occurrence of outcropping pegmatites which are considered prospective hosts for lithium mineralisation at the company’s Leaky Bore Project in Northern Territory.
Leaky Bore also hosts the Basil Copper-Cobalt Deposit with 2004 JORC Code compliant inferred resource of 26.5 million tonnes at 0.57% copper and 0.05% cobalt.
Earlier this week, Mithril increased the extent of high-grade gold mineralisation after completing a drill program at the Spargos Reward Gold Deposit in West Kambalda, Western Australia.
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