https://www.engineeringnews.co.za
Consulting|Exploration|Flow|PROJECT|Projects|Resources|Flow|Bearing
Consulting|Exploration|Flow|PROJECT|Projects|Resources|Flow|Bearing
consulting-company|exploration|flow-company|project|projects|resources|flow-industry-term|bearing

Loyal Lithium raises cash for Quebec project

17th May 2024

By: Creamer Media Reporter

     

Font size: - +

North America-focused, ASX-listed Loyal Lithium has reported “exceptionally strong demand” for its capital raise dedicated to exploration works at the Trieste lithium project, in James Bay, Quebec.

The company on Friday announced that it had raised A$3.3-million through the issue of shares at A$0.45 each, using the flow-through shares provisions under Canadian tax law.

The issue price represents a 73% premium to Loyal Lithium’s 15-day volume-weighted average share price of A$0.26 .

"The demand for the placement and ongoing support from our shareholders has been overwhelming. The vast majority of our major shareholders participated in this placement including Jody Dahrouge, principal of our in-country geological partner, Dahrouge Geological Consulting. Their support is a reflection of the potential of the project and the solid foundation that our team has built in Canada,” said MD Adam Ritchie.

The Trieste project is located alongside the Trieste greenstone belt and connected to multiple spodumene-bearing lithium projects, including Rio Tinto/Midland Exploration, Azimut Exploration/SEQUEM and Winsome Resources’ Adina-Jamar project that has a mineral resource estimate of 59-million tonnes at 1.12% lithium oxide.

“The opportunity and potential of this north-eastern region of James Bay is growing every week,” commented Ritchie.

“In fact, four of the top five lithium drill intercepts published by Miner Decks for the month of April 2024 came from this north-eastern region of James Bay, demonstrating the growing prominence and potential scale of the region. It’s a pleasure to make the list and be published alongside such companies."

Loyal Lithium’s stock dipped 3.7% on Friday to trade at A$0.26 a share.

Edited by Creamer Media Reporter

Comments

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer.
On-The-Air (28/06/2024)
28th June 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.119 0.198s - 194pq - 2rq
Subscribe Now