Strong backing for lithium explorer MinRex

NEW lithium explorer MinRex Resources is raising A$13.5 million for its Pilbara projects where 25,000m of drilling has been flagged over the next 12 months.
Strong backing for lithium explorer MinRex Strong backing for lithium explorer MinRex Strong backing for lithium explorer MinRex Strong backing for lithium explorer MinRex Strong backing for lithium explorer MinRex

MinRex in the Pilbara

The equity is priced at 6.2c per new share.

While undisclosed "Chinese and Australian mining groups" are said to be cornerstoned the raising with an investment of $6.8 million, MinRex said "a 6% introductory fee payable on subscriptions completed from cornerstone investors is also payable to Scott Li (or his nominee), to be settled by the issue of new shares at the same price as under the placement".

MinRex was previously focused on the Lachlan Fold Belt in New South Wales, with its shares trading at levels around 2c for much of 2021.

MinRex's lithium ground was acquired around the turn of the year and includes tenure adjacent to Global Lithium Resources' Archer deposit near Marble Bar.

Earlier this month MinRex appointed geologist Ian Shackleton as its exploration manager, with Shackleton said to have been "fundamental" to the discovery of Archer.

Shares in MinRex last traded at 7.5c, capitalising it at $67.5 million.