Lepidico (ASX:LPD) has announced its Entitlements Offer has been well supported and closed significantly over-subscribed, raising $11.7M.

High demand, particularly from new institutional and professional investors resulted in subscriptions being substantially scaled back, and Lepidico agreeing to raise a further $7,287,046 at $0.018 per share.

The Company says it?s now well funded to advance Phase 1 detailed design and engineering works to aggressively expand the lithium mica Mineral Resource base to support Phase 2.

Lepidico?s first lithium production is due in 2024.