Pepinnini Lithium Ltd (ASX:PNN) will use $1.5 million raised in a placement to progress its lithium strategy in Argentina.
The placement of 26 million shares at $0.058 was made to sophisticated investors.
Participants included one investor introduced by Tarek Omar, head of strategic ventures at Royce Stone Pty Ltd.
Focus on Salta Lithium Project
Pepinnini’s focus is on the Salta Lithium Project in Argentina’s Salta Province within the Lithium Triangle of South America.
Through its Argentine entity Pepinnini SA, the company holds 12 mining leases with continuous tenure of 26,355 hectares.
Five major project areas have been defined and the company has recently completed a drilling program at the Rincon project.
A drilling program of up to four holes to a maximum depth of 250 metres at the Pular project southwest of Rincon is expected to start this month.