Pursuit Minerals strengthens financial position

Pursuit Minerals (ASX:PUR) has successfully raised $1 million through Convertible Loan Notes facilitated by Alpine Capital Pty Ltd. This funding will be pivotal in advancing their Rio Grande Sur Project, particularly towards the production of lithium carbonate. The conversion of these loan notes into shares is subject to shareholder approval during the Annual General Meeting (AGM) on November 28, 2024. Additionally, Pursuit has announced plans for a 50:1 capital consolidation.

Pursuit Minerals' strategic funding and future outlook

Pursuit Minerals has strategically secured $1 million in funding through Convertible Loan Notes, with Alpine Capital Pty Ltd facilitating the process. This funding is earmarked for the production of lithium carbonate at their Salta plant and to assess further acquisitions in the lithium and copper sectors. The conversion of these notes into shares is contingent upon shareholder approval at the upcoming AGM. The company is also planning a 50:1 capital consolidation to enhance its capital structure. Pursuit is progressing with promising lithium drilling results and aims to scale up to continuous lithium carbonate production. The company's strategic initiatives are supported by existing shareholders, management, and new investors, positioning Pursuit for future growth in the critical metals sector.

Executive insights on strategic funding

The funding secured will allow us to focus on our primary objective of lithium carbonate production from our pilot plant. We are also keen on exploring acquisition opportunities in the lithium and copper sectors to enhance our strategic position. This funding and our proposed capital consolidation are key steps in optimizing our growth potential and capital structure.