(Ecofin Agency) - Tawana Resources, active on the Uis lithium project in Namibia has announced a fundraising for AU$7.2 million ($5,484,669) to advance its projects.

Fundraising will take place in two tranches, during which 60 million shares will be placed at $0.12 per share. The firm said added during the first step 29.6 million shares will be issued and in the second 30.3 million shares.

Tawana will use proceeds from the first tranche to advance drilling program at its Cowan lithium project, conduct due diligence on the adjoining Bald Hill Mine, in Western Australia and complete drilling and metallurgy at the Uis lithium project in Namibia.

Funds from the tranche 2 will solely be used to advance Australian lithium projects.

The Uis project is estimated to hold a reserve of about 20 million tons coming from one the world’s largest pegmatite mines.

Louis-Nino Kansoun