Pursuit Minerals plans to raise $2.5 million through a placement from sophisticated and professional investors, along with company directors.

Funding from the raise will primarily support the continued development of Pursuit's Rio Grande Sur Lithium Project in Argentina.

The placement will involve the issuance of approximately 714 million fully paid ordinary shares at $0.0035 per share.

A total of 714,285,714 shares and, subject to shareholder approval, 357,142,856 new options will be issued.