Ann: Trading Halt, page-41

from AFR
Listed explorer Arizona Lithium is tapping institutional investors for $12 million, with the funds set to go toward drilling, a pilot plant and research facility and the purchase of water rights.The company’s flagship project is the Big Sandy Project, located in Arizona. The US state is a fast-growing mining destinations, and is now the world’s fourth largest copper producer.Lithium is a key material for electric vehicles. The offer is priced at 7.5¢ per share - a 15.7 per cent discount to last close - and it comes with one free attaching option exercisable at 12¢, expiring 12 months from issue.The company has mandated Evolution Capital and PAC Partners as joint lead managers for the raise.Bankers are calling for bids by 2pm on Monday.As well as the Big Sandy Project, Arizona Lithium also counts the Lordsburg Lithium Project in its stable. It is located in the south-west corner of New Mexico.