Arcadia (ASX: AM7, FRA: 8OH) seeks to raise AU$1.5M to fuel Bitterwasser lithium brine project

August 03, 2023 12:14 PM AEST | By Sonal Goyal

Arcadia (ASX: AM7, FRA: 8OH) seeks to raise AU$1.5M to fuel Bitterwasser lithium brine project — Image source: Company website

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Highlights

Arcadia Minerals has announced a chess depositary interests over shares (CDIs) placement of 15 million CDIs to raise AU$1.5 million.

Raubex Group intends to maintain its 28.75% interest in AM7, therefore, has committed to subscribe for AU$431,250 under the placement.

AM7 will use the funds raised to conduct drilling at the Bitterwasser lithium brine project.

Diversified metals exploration company Arcadia Minerals Limited (ASX: AM7, FRA: 8OH) has announced a capital raise of AU$1.5 million through CDIs (chess depositary interests) placement.

Data Source: Company update

Under the placement, 15 million CDIs will be issued at AU$0.10 per CDI. As per the ASX listing rule, the company will issue over 10.6 million placement CDIs.

Raubex Group Limited, a major shareholder of AM7, has committed to subscribe for over 4.3 million CDIs. This is subject to shareholders’ approval at the annual general meeting, expected in September 2023.

The funds raised from the CDIs placement will be directed towards advancing the Bitterwasser lithium brine project, Bitterwasser lithium clay project and Swanson project.

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