Pilbara Minerals (ASX:PLS) has executed an underwriting agreement for its upcoming share purchase plan (SPP) aiming to raise $15 million.
The SPP follows a recently completed $80 million oversubscribed placement to fund the development of its Pilgangoora Lithium Tantalum Project in Western Australia.
The Pilgangoora project is viewed as one of the world’s leading lithium development projects, given the project’s scale, high-quality product and expected low cost of supply.
The execution of the SPP underwriting agreement reflects the high level of demand from institutional investors to participate in Pilbara’s milestone capital raising.
The underwriting agreement is subject to customary terms including warranties and termination rights, including for adverse market conditions and withdrawal of sub-underwriting arrangements.