Global Lithium Resources was pitching investors on Friday...

Global Lithium Resources was pitching investors on Friday morning for its Marble Bar and Manna projects in Western Australia.
The raise was split into a $25.6 million placement, and a $4.3 million top-up placement.
The top-up placement was spoken for by Global Lithium’s spodumene offtake partner Suzhou TA&A Ultra Clean Technology Co.
Suzhou has a 10-year offtake agreement with Global Lithium to take up 30 per cent of the company’s spodumene concentrate, and wanted to keep its shareholding at 9.9 per cent after the raise.
The offer was priced at $1.35 per share, a 15.4 per cent to the last traded price, according to the term sheet sent to potential investors.
The company planned to use the funds for its Marble Bar Lithium Project for targeting, drilling, evaluation studies and approval. It would also use the funds for work at its second project, Manna. Both are located in West Australia.
Euroz Hartleys and Argonaut were the lead managers. Bids were Friday 12pm, Perth time.
Global Lithium Resources had a $285 million market capitalisation before the raise.