The company wants funds to continue work at its Pilgangoora lithium project in Western Australia’s Pilbara, which Altura wants to bring into production in a little over 12 months from now.

Altura said it wants funding for the development wrapped up by the end of the current year.

The company also said it was forced into undertaking the raising earlier than it had planned by media reports.

MNN was unable to reach Altura executive director Paul Mantell.

Altura’s Pilgangoora project has a forecast capex of $A129 million, and expected annual earnings of $74 million.

The claimed strong demand for Altura shares follows similar claims made around another leading lithium contender Pilbara Minerals when it raised $85 million from professional investors back in April.

Pilbara priced shares in that raising at 38c, a discount of 9.3% to the 10-day VWAP, while Altura’s new shares are being priced at 20c, an 8.8% discount to the 30-day VWAP.

Pilbara’s shares subsequently hit 87c a month later, and more recently have been at about 70c. The stock was fetching under 10c 12 months ago.

Altura shares resumed trading (following the trading halt implemented during the raising), at 24c, a rise of 9% on its last traded price – with Altura shares up about 400-500% on what they were a year ago.

At that price Altura is capitalised at about $230 million, or, about $254 million on a pro-forma basis.

Pilbara is capitalised at about $740 million, with its also-called Pilgangoora project expected to cost $184 million and have initial annual earnings of $120 million – based on pre-feasibility estimates.