Lithium Plus Minerals (ASX:LPM) capitalised on robust investor appetite, securing $2.2 million through a strategic equity placement to fast-track its flagship Northern Territory operations.
The capital raising, executed at $0.10 per share, saw participation from sophisticated and institutional investors, most notably receiving a strong endorsement from cornerstone investor Suzhou CATH Energy Technologies.
The financial influx serves as a vital bridge for the company, providing the necessary liquidity to transition from exploration towards tangible development readiness at its Bynoe Lithium Project.
The primary allocation of these funds is earmarked for the Lei lithium project, specifically to finalise the critical scoping study work currently underway.
Management has confirmed that the study is on track for completion in the final quarter of the year.
Beyond the technical assessments, the company is progressing its supplementary environmental report, with a formal submission targeted for Q2.
The regulatory milestone is essential for securing the social and legal licence to operate within the region.
CEO Andrew Haythorpe highlighted that the successful placement reflects a "clear endorsement" of the project’s high-grade potential.
With the funding floor secured, Lithium Plus plans to engage specialised consultancies to refine internal studies and advance the Lei Lithium DSO Project.
The company is also looking downstream, investigating a proposed flotation plant in China.
At the time of reporting, Lithium Plus Minerals’ share price was $0.12.