Chariot Corporation Limited (ASX:CC9), a mineral exploration company focused on discovering and developing high-grade and near-surface lithium opportunities, has announced that it has received firm commitments for a placement raising $1.6 million before costs. The funds were raised through the issuance of 32 million fully paid ordinary shares at a price of $0.05 per share.
The placement garnered strong support from institutional, sophisticated, and professional investors, including existing shareholders and long-term lithium investors. GBA Capital Pty Ltd acted as the lead manager for the placement. Proceeds from the placement will be primarily used to complete the acquisition of a 66.7% interest in a prospective hard-rock lithium portfolio in Nigeria from Continental Lithium Limited. Additional funds will finance landholding costs, mineral claim maintenance, exploration activities in Nigeria, and cover corporate and administrative expenses.
The Nigerian portfolio, which previously generated spodumene concentrate exports between 2021 and 2024, presents Chariot with a near-term revenue opportunity, targeting a Chinese customer base. The company noted that this portfolio offers exposure to the battery supply chain in China, complementing its hard rock projects in Wyoming and claystone assets in Oregon and Nevada, which offer exposure to the battery supply chain in the United States.
Shanthar Pathmanathan, Managing Director of Chariot, expressed confidence in the company’s growth strategy. He stated that the funds raised will enable Chariot to aggressively advance exploration at the Nigerian properties, which exhibit visible spodumene at surface and have undergone some artisanal mining but have never been drilled.
