Aspiring lithium miner Lepidico has attracted backing from Galaxy Resources as part of a $7 million capital raising, while Northern Minerals and Musgrave Resources have tapped their respective investors for a combined $7 million.
Lithium Australia is pushing ahead with its takeover plans for Lepidico, extending the deadline by two weeks despite only a small portion of the target's shareholders taking up the offer so far.
Lithium Australia's $23.8 million takeover offer for lithium-focused rival Lepidico looks set to fall short, with the bidder lifting its stake to only 18.28 per cent a week out from the offer's closing date.
Lepidico has formally rejected rival Lithium Australia's $23.8 million takeover bid, after an independent expert labelled the offer as neither fair nor reasonable.
