• $1.84 million partially underwritten renounceable entitlement offer
• Strong in-house support with Directors taking up full entitlement
• $1 million underwritten by Mahe Capital Pty Ltd
• Funds to be used for drilling at Yalgoo and Abbott's Projects

Premier1 Lithium Ltd (ASX:PLC) has announced a $1.84 million partially underwritten renounceable entitlement offer. The offer will be made on the basis of one (1) new fully paid ordinary share for every one (1) existing share held by eligible shareholders at an issue price of $0.005 per new share, along with one (1) option for every two (2) new shares subscribed for, exercisable at $0.015 on or before 36 months from the date of issue. The company has secured a $1 million underwriting commitment from Mahe Capital Pty Ltd. The funds raised will be primarily used for drilling at the Yalgoo Project, including resource growth drilling at the Wadgingarra deposit and first-pass exploration at the Mt Kersey prospect, as well as exploration drilling at the Abbott's North Project. Additional funds will be allocated to geophysical surveys, heritage programs, general working capital, and offer costs. The company also plans to seek shareholder approval to change its name to Erebus Resources Limited at the upcoming annual general meeting, reflecting its pivot away from being a dedicated lithium explorer.