Lithium Plus Minerals taps investors for $8m – and China is watching

The Market Herald2023-11-06

Lithium Plus Minerals (ASX:LPM) is tapping investors for $8 million through a placement The company wants the funds to enhance exploration at its Bynoe lithium project in the Northern Territory The ...

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The placement will issue shares at 40 cents apiece. The $8 million will go towards drilling at the Kings Landing Area target within the Bynoe project boundary. Lithium Plus Minerals  is tapping investors for $8 million through a placement at 40 cents apiece.The company will use the funds to advance drilling at its Bynoe lithium project in the Northern Territory.Specifically, the rigs will target the Kings Landing Area target within the larger project envelope.The funding comes ahead of Lithium Plus’s maiden JORC resource estimate for the Lei target.LPM expects to have $14 million in cash upon completion.The company previously sunk millions into an AVZ Minerals  project.While that deal ended with more questions than answers, concerns related to foreign investment rules in the Congo.“In the meantime, we remain on track for completion of a maiden JORC resource Estimate at the Lei pr","collect":0,"end_time":0,"defaultTopTitle":"themarketherald.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7504":"锂钴概念","PLS.AU":"PILBARA MINERALS LTD","AVZ.AU":"Avz Minerals Ltd","BK7507":"资源股","BK7095":"多种金属与采矿","LPM.AU":"LITHIUM PLUS MINERALS LTD"},"translate_title":"Lithium Plus Minerals吸引投资者800万美元——中国正在观望","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AVZ.AU":1,"LPM.AU":1,"PLS.AU":1},"content_text":"Lithium Plus Minerals (ASX:LPM) is tapping investors for $8 million through a placement \nThe company wants the funds to enhance exploration at its Bynoe lithium project  in the Northern Territory\nThe placement will issue shares at 40 cents apiece \nThe $8 million will go towards drilling at the Kings Landing Area target within the Bynoe project boundary \nLPM is aiming for a maiden JORC resource estimate \nShares last traded at 48 cents\n\nLithium Plus Minerals (ASX:LPM) is tapping investors for $8 million through a placement at 40 cents apiece.\nThe company will use the funds to advance drilling at its Bynoe lithium project in the Northern Territory. \nSpecifically, the rigs will target the Kings Landing Area target within the larger project envelope. \nThe funding comes ahead of Lithium Plus’s maiden JORC resource estimate for the Lei target.\nLPM expects to have $14 million in cash upon completion.\nMajor Chinese investor \nThe placement was strongly supported by Suzhou CATH Energy Technologies, already a cornerstone investor in the company.\nThe company doesn’t boast an English-language website, but, the same player has its eyes on WA.\nThe company previously sunk millions into an AVZ Minerals (ASX:AVZ) project. \nWhile that deal ended with more questions than answers, concerns related to foreign investment rules in the Congo.\nTech metals player \nSuzhou CATH weren’t the only noteworthy participants.\nThe placement also received interest from Develop Global, an Australian tech metals company headed by Bill Beament.\nLPM management thanked Mr Beament, especially in their remarks.\nJORC maiden resource pending\nLPM Executive Chair Dr Bin Guo is targeting rapid exploration plans.\n“Our immediate focus will be to further delineate the size and scope of the significant opportunity presented across the multiple outcropping pegmatites within the Kings Landing Area,” he said.\n“We have been well supported in this placement, with the additional funding providing a strong runway for the drill out of Perseverance, Jewellers and Jenny’s pegmatites.\n“In the meantime, we remain on track for completion of a maiden JORC resource Estimate at the Lei prospect scheduled for Q4 2023.”\nLPM shares last traded at 48 cents.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2381856119"}