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Pilbara Minerals bags $80M for Pilgangoora lithium project

$210+ million raised this month from debt and equity funding.
Paves the way for the commencement of major site works

Pilbara Minerals (ASX:PLS) has successfully raised $80 million from an oversubscribed placement to fund the development of its Pilgangoora Lithium Tantalum Project in Western Australia.

The share placement follows a senior secured bond issue which closed fully subscribed earlier this month after raising US$100 million.

Importantly, the completion of debt and equity funding paves the way for the commencement of major site works and production from the second quarter of 2018.

The $80 million equity placement includes commitments from qualified institutional and sophisticated investors in Australia and internationally to raise circa $53 million.

The company also received a $27 million equity commitment from its off-take partner, Jiangxi Ganfeng Lithium Co Ltd.

Pilbara’s major shareholder Mineral Resources (ASX:MIN) participated in the placement, maintaining its percentage shareholding in Pilbara.

The company has also launched a $15 million share purchase plan to be completed during July 2017, providing eligible shareholders with the opportunity to participate in this landmark capital raising.

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.

Last month, the company received environmental approval for the project, marking the last of the major approval milestones and clearing the way for construction to proceed.

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