Patagonia Lithium raises capital for exploration

Patagonia Lithium (ASX:PL3) has successfully raised $1.85 million through a strategic share placement to Hiru Corporation. The placement includes 18.5 million new shares at $0.10 each, issued at a premium over recent prices. This capital will aid lithium brine exploration in Argentina.

Overview of Patagonia Lithium's strategic placement

Patagonia Lithium has raised $1.85 million by issuing 18.5 million shares at $0.10 each, a premium over the last closing price and VWAP. This funding will further its exploration and development efforts in Argentina, including completing lithium brine drilling, updating resource estimates, and advancing a demonstration plant application. The company focuses on its lithium projects in the Salar de Jama and Incahuasi Salar, with exploration rights over 40,000 hectares. This move aligns with Patagonia Lithium's strategic goals of expanding its resource base and advancing its projects in the lithium-rich region.

Executive insights from Patagonia Lithium

The strategic placement with Hiru Corporation not only reflects the confidence in our projects but also enables us to advance our exploration and development initiatives in Argentina.