Oceana Lithium's strategic fundraising move

Oceana Lithium (ASX:OCN) announced a non-renounceable pro-rata entitlement offer to raise approximately $1.2 million. Shareholders can acquire two new shares for every three shares held, priced at $0.022 per share. The offer is fully underwritten by Westar Capital Limited.

Oceana Lithium's strategic expansion and financial outlook

Oceana Lithium (ASX:OCN) has launched a non-renounceable pro-rata entitlement offer to raise $1.2 million, fully underwritten by Westar Capital Limited. The funds are earmarked for exploration activities in Australia and Brazil, identifying new project opportunities, and covering working capital and offer costs. Directors have committed $145,000 to the offer, which is available to shareholders in Australia, New Zealand, and Hong Kong. The company is clearly focused on expanding its project portfolio, with ongoing projects in Ceará, Brazil, and the Northern Territory and Western Australia. The entitlement offer highlights Oceana Lithium's commitment to growth and exploration backed by strategic shareholder engagement.

Executive insights on the entitlement offer

Chairman Qingtao Zeng expressed gratitude to shareholders for their support and indicated that the funds would bolster their exploration initiatives and assess new acquisition opportunities.