LONDON (Alliance News) - IronRidge Resources Ltd on Wednesday said it has raised GBP5.4 million in a share placing to go towards its projects in Africa.
IronRidge, which has gold and lithium projects in Ghana, Chad, and the Ivory Coast, placed 27.0 million new shares at a price of 20 pence each.
Shares were 4.7% lower on Wednesday at 20.50p.
Among those subscribing for shares were the company's largest shareholder Assore Ltd, as well as Chief Executive Vincent Mascolo and Non-Executive Chairman Neil Herbert.
Mascolo commented: "We have made significant progress over the course of 2018, having focused on enhancing the company's asset base.
"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."
He added: "The capital raise, in which we have secured GBP5.4 million, will enable the directors to execute their strategy to further develop the company's highly prospective gold and lithium assets.
"We would like to thank our existing shareholders for their continued support, and would like to welcome our new shareholders to the register."
