Thomson Geer has advised lithium exploration and development company Delta Lithium Limited (ASX:DLI) on a A$70.2 million capital raising to fund expanded exploration and development at its two key lithium project sites in Western Australia.

The capital raising is through a fully underwritten accelerated non-renounceable entitlement offer.

Delta Lithium is backed by mining heavyweights Mineral Resources Limited (ASX:MIN) and Hancock Prospecting. Both are major shareholders and have indicated they will take up their entitlements under the offer. Mineral Resources is also underwriting the capital raising.

The funds raised will be used to develop Delta Lithium's Mt Ida project through to Final Investment Decision stage and grow exploration at its Yinnetharra project.

The Thomson Geer team was led by Partner David Church, who said: "We're pleased to have advised Delta Lithium on this capital raising that will help it pursue further exploration and accelerate development at both its Mt Ida and Yinnetharra lithium projects. Lithium is a key ingredient for small and large batteries and will play a significant role in the energy transition to tackle climate change."

Thomson Geer advised on all areas of the capital raising, including transaction structuring, regulatory approvals, offer documentation and project management.

Delta Lithium Managing Director James Croser said in a statement: “The equity raising will provide Delta with greater financial flexibility to accelerate development at both Mt Ida and Yinnetharra. In particular, the additional funds will allow us to significantly increase drilling activities at both projects and ensure the Company is funded through key milestones over the next 15 months, including delivery of a scoping study at Yinnetharra and a final investment decision on the Mt Ida concentrate project."

David was supported by Lawyers Dan Smailes and Ariane Moir.