QX Resources (ASX: QXR) has received firm commitments for $3million in a private placement to assist funding of the Liberty Lithium Brine Project in the
The company intends to use the net proceeds from the Placement as follows:
- Drilling at the Liberty Lithium Brine Project to identify lithium bearing brine aquifers;
- Testwork on lithium brines using direct extraction processes;
- Option payments and title maintenance fees at Liberty Lithium Project;
- Sampling and geophysics over hard rock lithium projects in the Pilbara;
- Queensland Copper-Gold-Moly exploration and General exploration; and
- The costs of the Offer and to provide additional working capital.
In addition to the Placement, the company has entered into an At-the-Market Subscription Agreement (ATM) with Dolphin Corporate Investments (DCI). The ATM provides, at DCI’s election, QX with up to $3 million of standby equity
The Liberty Lithium Brine Project is of a large-scale in the right location, close to downstream supply chain participants which are integral to the energy transition,” Managing Director, Stephen Promnitz, said.
“QXR is finalising contracts with drilling services companies with the aim to commence drilling of the Liberty Lithium Project in the coming weeks. This is a large prize with significant prospectivity.
“As well, we now have the added financial flexibility to ramp up exploration activities across our Pilbara lithium hard rock project which are also very exciting prospects. We are grateful for the commitments from new investors and existing shareholders to this Placement and look forward to undertaking a more active works programme.”
