Core Exploration Limited (ASX:CXO) is targeting to raise $2 million through a share purchase plan to shareholders at an issue price of 5.3 cents per share.
Each eligible shareholder can apply for a maximum of $15,000 worth of shares before the closing date on Tuesday, 8 May 2018.
Earlier this week, Core revealed an oversubscribed placement of shares to raise $5 million from Australian and international institutional investors, as well as a number of existing shareholders.
READ: Core Exploration attracts $5 million to progress Finniss Lithium Project
Following the completion of the placement, Core will be fully funded to complete the pre-feasibility study (PFS) and feasibility study (FS) for its Finniss Lithium Project near Darwin in the Northern Territory.
Core recently received an impressive assay result of 75 metres at 1.68% lithium from 210 metres at the BP33 prospect.
READ: Core Exploration receives impressive lithium assays ahead of resource estimate
This 75-metre mineralised lithium intersection is the widest interval of spodumene pegmatite ever drilled in the Northern Territory.
Further strong news flow is expected over coming weeks and months, including:
• Imminent resource upgrade at Grants;
• Maiden resource estimate for BP33 in mid Q2 2018;
• PFS for development of Grants deposit in late Q2 2018; and
• Re-commencement of drilling at several priority targets in late Q2 2018.