Arizona Lithium Ltd. (AZLAF)

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Arizona Lithium has received commitments to raise $16.5m through a strongly supported share placement to institutional and professional investors.
December 18, 2023 | Special Report

Arizona Lithium strengthens balance sheet after raising $16.5m, spurring field work at Prairie

Special Report: Arizona Lithium has raised $16.5m via a placement to institutional and sophisticated investors at a 30% premium to its closing price on 13 December.

Arizona Lithium (ASX:AZL) will use the funds to fast-track 2024 drilling at its Prairie lithium project in Canada.

The placement – completed at 5.1 cents per share – was undertaken through a Flow Through Financing Placement with proceeds applied to qualified Canadian Exploration Expenses (CEE) to institutional and sophisticated investors.

Proceeds allow AZL to continue work on Prairie, specifically with exploration in the Dawson Bay and Souris River Formations.

Following this, the company will use its existing funds to complete the wells in preparation to move into production in the first half of 2025.

All activities will be outlined in the PFS which is expected to be released by the end of 2023.

https://stockhead.com.au/resources/arizona-lithium-strengthens-balance-sheet-after-raising-16-5m-spurring-field-work-at-prairie/