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Lithium developer Arizona Lithium will raise A$12-million in a share placement to institutional and sophisticated investors to fund work at its Big Sandy lithium project, in the US.

The company at the end of March announced plans to raise A$32.5-million in capital, with 185.6-million shares placed as a first tranche under the company’s existing placement capacity. However, owing to market conditions, the second tranche of the March raise was cancelled.

Instead, Arizona Lithium has now raised A$12-million, with the placement of 171.4-million shares, at a price of 7c each, along with two attaching options for each share issued, with an exercise price of 18c each and an expiry date of two years from issue.

Arizona Lithium shareholders approved the second capital raise at a general meeting held earlier this month.

“We are pleased to have successfully completed the placement to raise an additional A$12-million to further advance the development of Big Sandy, with the funds to be applied to the land purchase for the lithium processing plant, expansion and operation of the lithium research centre and securing IP protection over lithium processing technology,” said Arizona Lithium MD Paul Lloyd.

“With global market conditions having changed since Arizona Lithium announced the raise in March 2022, Tranche 2 of the March placement was cancelled, with the price adjusted accordingly for this placement, positioning the company with a substantial capital positioning of A$54-million post raise, facilitating the rapid development of Big Sandy, with a focus on the lithium research centre and processing technologies.”