Premier1 Lithium has successfully closed an oversubscribed renounceable entitlement offer and follow-on placement, raising over $2.17 million to fund exploration at its key Western Australian projects.
- Oversubscribed renounceable entitlement offer raising $1.8 million
- Additional $331,000 raised via follow-on placement
- Total of 434 million new shares and 217 million options to be issued
- Funds allocated to exploration at Yalgoo and Abbotts North projects
- Strong support from existing shareholders and new investors
Capital Raise Success
Premier1 Lithium (ASX, PLC) has announced the successful completion of its renounceable entitlement offer, which was significantly oversubscribed, raising approximately $1.8 million before costs. The company also completed a follow-on placement raising an additional $331,000, bringing the total capital raised to $2.17 million. This strong investor support underscores confidence in Premier1’s growth strategy and exploration potential.
Share Issuance and Options
Following the capital raise, Premier1 will issue a total of 434,260,582 new fully paid ordinary shares alongside 217,130,291 new options exercisable at $0.015 with an expiry in 2028. These securities will be quoted under the ASX code PLCO. The issuance includes shares and options under the company’s existing placement capacity, with some options subject to shareholder approval at the upcoming Annual General Meeting and a subsequent general meeting.
Use of Funds
The proceeds from the entitlement offer and placement will be directed primarily towards advancing exploration activities at Premier1’s flagship Yalgoo and Abbotts North lithium projects in Western Australia. Planned activities include heritage surveys, geophysical work, and drilling programs designed to unlock the potential of these strategically located assets. Additionally, funds will support general working capital and cover costs associated with the capital raising offers.
Market and Shareholder Confidence
Non-Executive Chairman Hugh Thomas expressed gratitude for the strong shareholder and investor support, highlighting it as a positive signal for the company’s prospects. He emphasized that the capital raise positions Premier1 well for an active exploration program in 2026, reinforcing the company’s commitment to delivering value through disciplined project evaluation and strategic growth.
Outlook
With fresh capital secured, Premier1 Lithium is poised to accelerate its exploration efforts in a region renowned for significant lithium and other mineral deposits. The company’s ability to attract both existing and new investors suggests a growing market interest in its projects and the broader lithium sector, which remains critical amid the global transition to clean energy technologies.
Bottom Line?
Premier1’s oversubscribed raise sets the stage for an active exploration year, but investors will watch closely for drilling results and shareholder approvals.
Questions in the middle?
- Will shareholder approvals for the new options be secured without delay?
- How will the market respond to upcoming exploration results from Yalgoo and Abbotts North?
- What impact will the share issuance have on Premier1’s stock price and dilution?