Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF) said it raised about £7.92mln before expenses from a placing and will use the proceeds to explore and advance its lithium projects in Arizona and Nevada in the US.
It placed about 58.7mln shares at 13.5 pence each with investors in North America.
The AIM-traded company will conduct an additional fundraising to raise up to about £1.98mln before expenses via a placing of up to 14.7mln shares, at the same price per share of 13.5 pence, with investors in the UK.
The UK placing will be completed via an accelerated bookbuild process which will be launched today.
"We are delighted to have raised these funds from new North American investors, highlighting the support for Bradda Head's mission of supplying the domestic US battery market,” said chief executive Charles FitzRoy. “Our additional placing in the UK will also give many of our existing investors the opportunity to participate in this new period of fundraising.”
"These funds will allow us to drive our exploration programme forward in Arizona and Nevada, progressing our Basin Project towards an early stage technical study and to deliver our strategy of creating low carbon footprint lithium projects in the US for the US market," he added.
The shares closed at 14.88 pence in London on Friday.