Total
0
Shares
Prospect Resources (ASX:PSC) - Managing Director, Sam Hosack - The Market Herald
Managing Director, Sam Hosack
Source: The Market Herald
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Prospect Resources (PSC) has received subscriptions to raise $6 million
  • More than 46.1 million new shares will now be issued to sophisticated and professional investors at 1.3 cents each
  • Prospect will use the funds to develop a pilot plant to produce low iron spodumene and high purity petalite
  • The money will also be used to undertake a front end engineering design (FEED) for its Arcadia Lithium Project in Zimbabwe
  • Prospect is down 10.5 per cent on the market and shares are trading for 17 cents each

Prospect Resources (PSC) has received subscriptions to raise $6 million.

On October 12, the company entered a two-day trading halt but did not announce how much it would be raising or what the funds will be used for.

The funds will be raised through the issue of 46,153,847 new shares at 1.3 cents to sophisticated and professional investors.

Prospect will use the funds to develop a pilot plant to produce low iron spodumene and high purity petalite, and undertake a front end engineering design (FEED) for its Arcadia Lithium Project in Zimbabwe.

"This transformation growth capital will be deployed prudently on advancing the Arcadia Lithium Project," Managing Director Sam Hosack said.

"Arcadia is in a unique position, as it is the only lithium deposit that can produce in the lowest quartile both low iron spodumene for the electric vehicle market and high purity petalite lithium concentrates for the glass and ceramics markets," he added.

Further, Viriathus Capital acted as sole Lead Manager and worked with Fresh Equities who helped with $5.5 million in cornerstone support.

"Prospect is pleased with this successful placement by Viriathus, enabling the business to build on its momentum as we complete the qualification process with glass and ceramics customers, continuing to advance our project economics as we target near term production," Sam concluded.

Prospect is down 10.5 per cent on the market and shares are trading for 17 cents each at 12:14 pm AEDT.

PSC by the numbers
More From The Market Herald
Macarthur Minerals (ASX:MIO) - CEO, Andrew Bruton - The Market Herald

" Macarthur Minerals (ASX:MIO) secures shipping containers for DSO

Macarthur Minerals (MIO) has secured an order of shipping containers for its Direct Shipping Operation to Kwinana’s bulk terminal.
Dreadnought Resources (ASX:DRE) kicks off magnetic-radiometric survey work at Mangaroon, WA

" Dreadnought Resources (ASX:DRE) kicks off magnetic-radiometric survey work at Mangaroon, WA

Dreadnought Resources (DRE) is trading sideways on the ASX after kicking off some airborne magnetic-radiometric survey at its Mangaroon project in WA.
Gladiator Resources’ (ASX:GLA) Tanzanian subsidiary gets seven ELs

" Gladiator Resources’ (ASX:GLA) Tanzanian subsidiary gets seven ELs

Gladiator Resources’ (GLA) Tanzanian subsidiary has been granted seven exploration licences in Tanzania.
Fe Limited (ASX:FEL) - Executive Chairman, Tony Sage - The Market Herald

" Fe Limited (ASX:FEL) acquires stake in Tennant Creek package

Fe Limited (FEL) has announced its acquiring a 60 per cent stake in the Tennant Creek tenement package from Gecko Mining Company.