Lepidico has launched a $5.7 million renounceable entitlements offer, partially underwritten to $2 million, to finance its Phase 1 Project and explore growth.

The shares were offered at 0.3 cents per share, a 25% discount to the previous close and a 44% discount to the 30-day average price. Shareholders receive one free attaching option for every two new shares, exercisable at 0.9 cents over 30 months.

The funds are aimed at lender due diligence, securing strategic partners, transitioning to construction, and capitalising on the lithium market.

The company aims to finalise Phase 1 Project financing, explore business opportunities, and cover working capital needs.