Pilbara Minerals (ASX:PLS) has entered an ASX trading halt as it prepares to execute a share placement to raise a total of A$77 million.
The equity raising comprises a share a placement of up to 220 million shares priced at A$0.35 to institutional and sophisticated investors in Australia and internationally to raise up to circa $50 million.
This alongside the previously announced US$20 million (~A$27 million) equity commitment from the company’s off-take partner, Jiangxi Ganfeng Lithium Co Ltd, will bring the total capital raising to A$77 million.
The equity raising is to provide the funding required to fully develop its 100%-owned Pilgangoora Lithium-Tantalum Project in Western Australia.
The trading halt can remain in place up until the commencement of normal trading on Monday 19 June 2017.