The $9.6 million renounceable rights issue is underwritten to $7.2 million is priced at 1.3c per new share.

Lepidico said its strategic objective is to immediately start development works to keep the project on schedule for mining in Namibia to start in the September 2022 quarter and chemical plant commissioning in Abu Dhabi in the March 2023 quarter.

Last month Lepidico said Lion's Head Global Partners was continuing to advance debt financing initiatives.

Lepidico requires about US$139 million in pre-production capital.

Average annual free cashflow has previously been modelled at $49 million per annum post ramp-up.

Shares in Lepidico were down 19% to A1.3c in afternoon trade, capitalising the company at $67 million.

The stock was at 0.9c late in 2020.