Recharge Metals Limited (ASX: REC) has secured firm commitments from institutional, sophisticated and professional investors for a conditional placement of 30 million fully paid ordinary shares to raise A$3.0 million.
The significant level of demand for the conditional Placement has resulted in the Board’s decision to upscale the Placement size from A$2.5 million to A$3.0 million.
On 15 March 2023, the company announced entry into a binding, conditional agreement to acquire 100% ownership of 139 mineral claims over two contiguous blocks in the prolific James Bay Region of Québec, Canada, forming the Express Lithium Project.
Recharge also confirmed it has received firm commitments from the Board for A$100,000 worth of fully paid ordinary shares in the Placement.
Funds will be deployed towards advancing the exploration activities at the Express Lithium Project. Recharge’s initial exploration program will include the acquisition of LiDAR, high resolution aerial imagery, and magnetics to assist with defining target areas ahead of a summer field campaign.
The summer field season will include detailed geological mapping and sampling. Diamond drilling will be subsequently completed on key lithium targets identified from the mapping and geochemical sampling.
This announcement has been authorised for release by the Board of Recharge Metals Limited.