Recharge Metals (ASX: REC) has secured firm commitments from institutional, sophisticated and professional investors for a conditional placement of 30 million fully paid ordinary shares to raise $3M.
The company says this is a significant increase from the $2.5 million initially planned.
The funds will be deployed towards advancing the exploration activities at the Express lithium project, which it recently acquired in Québec, Canada.
The Board of Recharge Metals has committed $100,000 worth of fully paid ordinary shares in the placement, and completion of the placement is expected to occur shortly after the shareholder meeting on or about April 28.