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North America-focused, ASX-listed Loyal Lithium has reported “exceptionally strong demand” for its capital raise dedicated to exploration works at the Trieste lithium project, in James Bay, Quebec.

The company on Friday announced that it had raised A$3.3-million through the issue of shares at A$0.45 each, using the flow-through shares provisions under Canadian tax law.

The issue price represents a 73% premium to Loyal Lithium’s 15-day volume-weighted average share price of A$0.26 .

“The demand for the placement and ongoing support from our shareholders has been overwhelming. The vast majority of our major shareholders participated in this placement including Jody Dahrouge, principal of our in-country geological partner, Dahrouge Geological Consulting. Their support is a reflection of the potential of the project and the solid foundation that our team has built in Canada,” said MD Adam Ritchie.

The Trieste project is located alongside the Trieste greenstone belt and connected to multiple spodumene-bearing lithium projects, including Rio Tinto/Midland Exploration, Azimut Exploration/SEQUEM and Winsome Resources’ Adina-Jamar project that has a mineral resource estimate of 59-million tonnes at 1.12% lithium oxide.

“The opportunity and potential of this north-eastern region of James Bay is growing every week,” commented Ritchie.

“In fact, four of the top five lithium drill intercepts published by Miner Decks for the month of April 2024 came from this north-eastern region of James Bay, demonstrating the growing prominence and potential scale of the region. It’s a pleasure to make the list and be published alongside such companies.”

Loyal Lithium’s stock dipped 3.7% on Friday to trade at A$0.26 a share.