Pursuant to the terms of the acquisition agreement, FEL is required to complete a capital raising of $400,000 through the issue of shares at 2 cents each to persons nominated by Mercury.
Mercury has now informed FEL that it has received commitments in respect to this placement.
FEL will proceed to issue the placement shares upon receipt of funds.
The placement shares will have one unlisted option for every two shares issued at an exercise price of 3 cents each expiring 2 years from the date of issue.
Pippingarra Lithium Project
The Pippingarra Lithium and Tantalite project consists of two granted exploration licences covering 181 square kilometres strategically located 27 kilometres southeast of Port Hedland.
Marble Bar Lithium Project
The Marble Bar Lithium Project consists of four granted exploration licences east of Marble Bar in the East Pilbara region.
The previous sampling at Marble Bar has returned assays as high as 3.72% lithium oxide, with an average of 1.85% lithium oxide.