Prospect raises $10M for Zim lithium venture

ZIMBABWE-focused lithium hopeful Prospect Resources is raising A$10 million from undisclosed investors for its various ventures in Africa, with the company still awaiting finalisation of another deal involving a $10 million equity investment by a Chinese firm keen to build Prospect’s Arcadia project and buy offtake.

Prospect raises $10M for Zim lithium venture Prospect raises $10M for Zim lithium venture Prospect raises $10M for Zim lithium venture Prospect raises $10M for Zim lithium venture Prospect raises $10M for Zim lithium venture

Prospect is hoping to conclude the deal(s) with Sinomine by early next month before “Chinese New (Year) Celebrations begin”.

The deals, which were first announced more than two-and-a-half months ago, see Sinomine buying shares priced at 5c per share, while the raising today prices shares at 6c.

Prospect believes its Arcadia project is a compelling development opportunity, capable of significant production for 20 years.

It will use the funds being raised from investors for Arcadia, as well as other opportunities in the lithium and cobalt spaces.

The ASX-listed company also believes Zimbabwe is set for an economic boom under a new government, and that the new government is ...