Power Minerals has raised $2.4 million through a heavily subscribed share placement.

The funds will primarily advance the development of the company's recently acquired Lltio Project in Pariba state, Brazil, which is prospective for niobium, rare earths, and lithium.

The funds will also support Power's Salta Lithium Brine Project in Argentina.

Approximately 17,142,858 fully paid ordinary shares were issued at 14 cents per share. Placement shares are expected to be allotted around July 16.