Wildcat Resources Plans Capital Raise to Fund Exploration of Promising Lithium Project
Wildcat Resources Ltd (ASX: WC8) halts share trading to conduct capital raise
Australia-based mining company, Wildcat Resources Ltd, has placed its shares in a trading halt as it prepares to conduct a capital raise in order to fund its exploration activities. The company aims to raise $80 million through the issuance of approximately 105. 26 million new shares at $0. 76 per share, representing an 11. 1% discount to the last traded price of Wildcat shares.
Focus on Tabba Tabba Lithium Project in Western Australia
Wildcat Resources plans to allocate the capital raised to support its exploration activities at the Tabba Tabba Lithium Project in Western Australia. The project has garnered significant attention within the industry due to the discovery of a Tier-1 lithium deposit.
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Tabba Tabba Lithium-Tantalum Project: A Strategic Location
The Tabba Tabba Lithium-Tantalum Project, situated approximately 50km from Port Hedland, Western Australia, is strategically located in close proximity to some of the world's largest hard-rock lithium mines. The region currently accounts for approximately 20% of the global lithium supply. Wildcat Resources aims to leverage this advantageous location for its exploration and mining operations.
A Valuable Acquisition and Promising Resources
Wildcat Resources recently acquired the historical Tabba Tabba tantalum mine and lithium-tantalum project in the Pilbara region. The project boasts a JORC Inferred Mineral Resource of 4. 1 million tonnes of lithium carbonate equivalent (LCE) at 111 mg/L Li, making it the highest quality inferred lithium brine resource discovered in Canada to date. Additionally, the acquisition includes Prairie's direct lithium extraction technology, which has demonstrated promising results with material from the Big Sandy region.
Important Considerations for Potential Investors
Investors should exercise caution when considering investment opportunities in the stock market due to its highly volatile nature. Fluctuations in share prices are common and can affect investment returns. It is crucial for potential investors to conduct thorough research and analysis before making any investment decisions.
In conclusion, Wildcat Resources' decision to halt share trading and conduct a capital raise signifies the company's commitment to further explore and develop the Tabba Tabba Lithium Project. With its strategic location and valuable resources, the project holds significant potential for Wildcat Resources and the broader lithium mining industry.
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