Pilbara Minerals (ASX:PLS) has announced an equity raising with a strategic placement of $55.0 million to the leading Chinese battery manufacturer for electric vehicles, Contemporary Amperex Technology.
This is together with an institutional placement of $36.5 million to raise approximately $91.5 million in total.
The Placement will comprise the issue of approximately 305.1 million new Pilbara Minerals ordinary shares at a price of $0.30 per share.
In addition to the Placement, a SPP is expected to raise up to an additional $20.0 million from eligible shareholders, for potential total raising proceeds of $111.5 million.
Shares in Pilbara Minerals (ASX:PLS) last traded at $0.35.