- Due to strong investor demand, Lithium Africa (TSXV:LAF) has upsized its previously announced private placement from C$5 million to C$8.5 million, including participation from the Purpose Global Resource Fund
- The company holds an indirect 50 per cent interest in prospective exploration projects in hard rock pegmatite districts spanning the Ivory Coast, Guinea, Mali, Morocco and Zimbabwe
- Lithium Africa stock last traded at C$2 and sits unchanged since listing on February 19, 2026
Due to strong investor demand, Lithium Africa (TSXV:LAF) has upsized its previously announced private placement from C$5 million to C$8.5 million.
The lead C$3.3 million order will be filled by the Purpose Global Resource Fund, a small-cap and mid-cap fund focused on resource companies across the energy and mining sectors with C$168.5 million in assets under management.
Lithium Africa will allocate a portion of the proceeds towards the acquisition of the Springbok project, an advanced lithium asset in South Africa hosting a past-producing mine, mineral stockpile for near-term cash flow, as well as numerous known pegmatites across a 1,675-square-kilometre land package.
The company will issue 4.25 million units priced at C$2, with each unit consisting of one common share and one-half of one share purchase warrant, and each warrant entitling the holder to purchase one share for C$2.80 for three years following the closing of the offering.
ATB Cormark Capital Markets, the agent overseeing the offering, will have the option to sell an additional 750,000 units for C$1.5 million up to 48 hours after closing.
The offering is expected to close on or about March 18, 2026.
About Lithium Africa
Lithium Africa is an exploration company operating under a 50/50 joint venture partnership with GFL International. The partnership grants the company an indirect 50 per cent interest in prospective exploration projects in hard rock pegmatite districts spanning the Ivory Coast, Guinea, Mali, Morocco and Zimbabwe.
The lithium stock (TSXV:LAF) last traded at C$2 and sits unchanged since listing on February 19, 2026.
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