Lithium Power (ASX:LPI) has announced the completion of a heavily oversubscribed placement of $15 million.
This sets the company up to be fully funded to complete the Maricunga joint venture and undertake pre-construction work.
The placement is fully underwritten with fully paid ordinary shares to institutional, existing and new sophisticated investors who will be new shareholders in the company.
The company offered new shares at $0.55 a share, representing a 15 per cent discount of $0.65.
The placement will result in the issue of approximately 27 million new shares by next Wednesday 29 November 2017.
Shares in Lithium Power (ASX:LPI) are trading 13.08 per cent lower to 57 cents.