IronRidge Resources Ltd - Australia-based minerals exploration company - Raises GBP12 million through an oversubscribed placing of 60 million new ordinary shares at a price of 20 pence a share. IronRidge will use the funds to develop its lithium and gold projects in Ghana, Ivory Coast and Chad, in Africa. IronRidge has agreed to grant warrants over 1.4 million new shares to the company's advisers that have assisted with the placing and subscription, it says.
Chief Executive Vincent Mascolo says: "The GBP12 million raised puts IronRidge in a strong financial position to capitalise upon the opportunities that it has created itself, particularly as the company assesses its options to fast track Ewoyaa to production.
"With the modern world embarking on a race towards electrification and de-carbonisation, demand for lithium, due to its use in the stored energy space, is skyrocketing. Concurrently, the global pandemic, and its effect on global economies, has provided a bullish backdrop for gold.
"We believe that there is no better time to be a diversified explorer and developer with an advanced high-grade lithium pegmatite project heading towards production in Ghana and a portfolio of prospective gold projects in Ivory Coast and Chad."
Current stock price: 20.70 pence; up 3.0% on Tuesday midday
Year-to-date change: up 66%
By Will Paige; willpaige@alliancenews.com
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