Pilbara Minerals Limited
(ASX:PLS) has raised $12 million through a share placement.
The placement comprised of 52.2 million fully-paid ordinary shares at an issue price of $0.23 per share and was undertaken to institutional and sophisticated investors in Australia and Asia.
Pilbara Minerals said it is now fully funded for drilling and feasibility work to be conducted at the Pilgangoora Lithium-Tantalum Project.
It is expected that a further resource increase and upgrade for Pilgangoora will be released in February 2016.
Pilbara Minerals recorded a net loss of $5.51 million at 30 June 2015.
