IRR.L Share News (IRR)

(Sharecast News) - IronRidge Resources has raised around £5.4m before expenses through a subscription for, and placing of, 27,022,000 new ordinary shares at a price of 20p each, it announced on Wednesday.The AIM-traded firm said it would primarily utilise the funds towards the development of its gold and lithium projects in Ghana, Chad and Côte d'Ivoire in Africa."We have made significant progress over the course of 2018, having focused on enhancing the company's asset base," said IronRidge chief executive officer Vincent Mascolo."Most notably, the Ghanaian Cape Coast Lithium Project has continued to deliver exciting and potentially world class lithium grades and drill intersections, whilst in Chad, we have uncovered a substantial gold bearing province with a surface footprint rivalling some of today's largest operating gold mines."In Cote d'Ivoire, the company had an "extensive, highly prospective" and strategically contiguous 3,200 square kilometre gold and 1,200 square kilometre lithium portfolio, along major gold producing structural trends."The capital raise, in which we have secured £5.4 million, will enable the directors to execute their strategy to further develop the company's highly prospective gold and lithium assets," Mascolo added."We would like to thank our existing shareholders for their continued support, and would like to welcome our new shareholders to the register."We look forward to updating the market on our further developments in due course."