Placement Raises $10M to Advance Prairie Lithium Project
Arizona Lithium Limited
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Placement Raises $10M to Advance Prairie Lithium Project

Arizona Lithium secures funds for Prairie Project development through successful placement

Arizona Lithium Limited (ASX: AZL) is excited to announce the completion of a successful placement, raising $10 million to advance the Prairie Lithium Project. The funds, raised through institutional and sophisticated investors, will be utilised for key project milestones such as resource upgrades, pilot plant construction, and completion of the pre-feasibility study.

Strong Support and Institutional Backing

Arizona Lithium received firm commitments from institutional and professional investors through an oversubscribed share placement at $0. 025 per share. Each new share will be accompanied by one free attaching option, exercisable at $0. 05 each, expiring two years from the date of issue. The options will contribute additional funding to develop Arizona Lithium's two North American Lithium Projects.

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Subject to shareholder approval, 27. 3% of the options will be issued. The company is planning to list these options, provided they meet the ASX's minimum listing requirements.

Advancing the Prairie Project

With the successful placement, Arizona Lithium aims to bolster its balance sheet and accelerate the development of the Prairie Project. The allocated funds will be primarily utilised for a resource upgrade, construction of a pilot plant, and completion of a pre-feasibility study. Following these milestones, the company plans to commence early works on a definitive feasibility study, as well as the construction of a state-of-the-art Lithium Research Centre. The research center will facilitate the treatment of bulk samples obtained from the Big Sandy Lithium Project.

Paul Lloyd, the Managing Director of AZL, expressed his satisfaction with the completion of the placement. He stated, "We are pleased to have successfully completed the Placement to raise $10m to further advance the development of the Prairie Project and complete construction of the Lithium Research Centre. Importantly, the completion of the pre-feasibility study at the Prairie Project and early works on the definitive feasibility study will add significant value to the Company. "

Project Milestones

Following the successful placement, Arizona Lithium has outlined the anticipated timeline for key project milestones:

Late August 2023: Prairie Project resource upgrade
October/November 2023: Operation of a pilot plant to test Direct Lithium Extraction (DLE) technology
December 2023: Completion of the pre-feasibility study for the Prairie Project
December 2023: Completion of the definitive feasibility study for the Big Sandy Project
Mid-2024: Commencement of commercial plant construction for the Prairie Project

With the securement of funds and the support of institutional investors, Arizona Lithium is well-positioned to drive the development of the Prairie Lithium Project forward, contributing to the company's growth and value creation.

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