Voltaic had A$2.4 million remaining from its re-compliance listing last October, but with its share price now significantly higher, pegmatites confirmed from its maiden drilling, and a position in an emerging lithium and rare earths hotspot, it has secured firm commitments for $7.2 million at 5c per share, a 10% discount.
Every two shares come with a free option exercisable at 8c, expiring in June 2026.
The placement, managed by RM Capital, will take place over two tranches.
Scale-back required
The second requires shareholder approval to raise $4.1 million at a meeting in June and will include a combined $135,400 being offered by Voltaic's board - John Hannaford, David Izzard and Lachlan Reynolds - plus CEO Michael Walshe and exploration manager Claudio Sheriff-Zegers.
Walshe said the placement attracted "extremely strong levels" of support from new and existing institutional and sophisticated investors, resource focused funds, and a number of Voltaic employees. A scale-back was required.
The cash will be split with $4.6 million being budget to accelerate work at Ti Tree, and $1.6 million to be focused to the nearby Paddys Well rare earth elements project.
Early exploration success
Voltaic shares surged some 200% earlier this week when its first-pass drilling at the Andrada prospect, completed at locations that were accessible and not geologically the most advantageous, encountered pegmatites up to 58m thick along the Volta Corridor it shares with Delta Lithium's more advanced Yinnetharra project.
Paddy's Well is to the south-west, along trend with Kingfisher Mining's emerging Mick Well discovery.
Maiden drilling at Paddy's Well last quarter encountered multiple stacked zones mineralisation within shallow clay cover up to 30m thick at the Neo prospect with pXRF readings up to 9000 parts per million total are earth oxides.
There are also indications of carbonatites in the area.
The stock reached 8.1c earlier this week and was last traded at 6.4c, capitalising the company at $27 million.
