The capital raising was strongly supported by the company’s binding off-take partner Yahua and non-binding off-take partner Ruifu, being two of China’s largest lithium producers.
Funding will accelerate resource drilling programs of the recently discovered prospects and delivery of the expanded scope of the definitive feasibility study (DFS).
Resource drilling will target the Carlton, Hang Gong and Lees-Booth Link prospects.
Core’s managing director Stephen Biggins said: “We are pleased to have such strong support for this capital raising, particularly by experienced players in the lithium space, Yahua and Ruifu, which is a significant demonstration in their belief in the Finniss Lithium Project.
“I would also like to welcome our new shareholders and thank our existing shareholders that participated in the placement.
“We look forward to delivering on our expanded DFS and creating value for our existing and new shareholders as we march towards development in 2019.”
Construction timetable unchanged
The expanded DFS is now targeting for delivery late in the March quarter 2019.
The timetable is unchanged for construction to begin at the Finniss Lithium Project, which is targeting commencement in mid-2019.