The proceeds from the placement will be used to fund the company’s Goulamina lithium project, situated in southern Mali.
Birimian is using the funds to advance the works focused on resource expansion, completion of a revised pre-feasibility study and to undertake a definitive feasibility study.
Importantly, the high level of demand received from well-regarded institutional and professional investors demonstrates strong support for the Goulamina lithium project.
Goulamina comprises a large land holding of 295 square kilometres covering highly prospective lithium pegmatites in the Bougouni region of southern Mali.
The project hosts a spodumene lithium pegmatite deposit containing a resource of 32.9 million tonnes at 1.37% lithium oxide.
The company’s pre-feasibly study has confirmed the potential technical and economic viability of the project, processing 14-20.6 million tonnes at 1.31%-1.39% lithium oxide over 9 to 14 years.
Regulatory approvals are on track and Birimian is aiming for production by Q4 2019 or Q1 2020.
Birimian’s share price has doubled in the past three months and closed at $0.455 on Friday.