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Patagonia Lithium Ltd (ASX:PL3)

ALERT: Price-sensitive ASX Announcement for PL3
Current share price for PL3 : $0.100 -0.005 (-4.76%)+
Announcement
Release
11 Jun 2026 9:54AM
Price at Release
$0.105
Full Release
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Summary
Patagonia Lithium Ltd announced a successful $11.4 million placement primarily to advance the Formentera Lithium Project. The funds will be used for drilling, upgrading mineral resource estimates, preparing a scoping study, and planning a lithium carbonate demonstration plant. The placement will involve issuing 34,000,000 fully paid ordinary shares priced at A$0.10 each, with participants receiving one quoted option for every two shares issued. The issue price reflects discounts to the VWAP and last closing price. Cygnet Capital Pty Limited managed the placement and additional placements to existing and new investors are planned.
Key Points
  • Patagonia Lithium Ltd raises $11.4 million through share placement.
  • Funds to be used for Formentera Lithium Project advancements.
  • 34,000,000 shares issued at A$0.10 per share.
  • Participants receive one quoted option for every two shares.
  • Cygnet Capital acted as Lead Manager and Bookrunner.
  • Additional $8 million to be raised from existing and new investors.
  • Share price set at discounts to VWAP and last closing price.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.