Patagonia Lithium (ASX: $PL3) announces capital raising for exploration and mineral resource estimate

Patagonia Lithium Ltd (ASX: $PL3) has announced its intention to raise up to $2.15 million through a convertible note issue and a non-renounceable entitlement offer. The company's Executive Chairman, Phil Thomas, will commit to $150,000, and significant shareholder Southeast Mingqing Supply Chain (Fuyang) Co Ltd has also pledged its full entitlement under the Entitlement Offer. The proceeds will be utilized to complete the current drill program in Argentina, prepare an updated Mineral Resource Estimate, and drive the Brazilian exploration program.

Executive commentary on capital raising and exploration plans

The capital raising initiative reflects our commitment to advancing our exploration projects in Argentina and Brazil. We are pleased with the confidence shown by our Executive Chairman and significant shareholder in supporting this initiative. The funds raised will enable us to progress our drill program in Argentina, work towards an updated Mineral Resource Estimate, and drive our exploration efforts in Brazil. We are optimistic about the potential of our projects and look forward to achieving significant milestones with the support of our shareholders and investors.

Summary of Patagonia Lithium's capital raising and exploration plans

Patagonia Lithium (ASX: $PL3) has announced a capital raising initiative to raise up to $2.15 million through a convertible note issue and a non-renounceable entitlement offer. The funds raised will be utilized to complete the current drill program in Argentina, prepare an updated Mineral Resource Estimate, and drive the Brazilian exploration program. The company aims to advance its exploration projects in Argentina and Brazil, focusing on lithium brine projects and exploring for ionic REE clays, niobium, and lithium in pegmatites. The capital raising initiative demonstrates the company's commitment to advancing its projects and achieving significant milestones in its exploration and mineral resource estimation efforts.