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IronRidge raises £12 million in oversubscribed placing
StockMarketWire.com
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IronRidge Resources has raised £12 million before expenses through a subscription for, and placing of, 60 million new ordinary shares.
The shares were set at an issue price of 20p per share and the funds will be used to develop the company's gold and lithium projects in Ghana, Cote d'Ivoire and Chad in Africa.
Vincent Mascolo, CEO of IronRidge, said: 'Today's news demonstrates, yet again, belief and confidence in the board's strategy to advance further the company's gold and lithium portfolio, with a strong focus on the Ewoyaa Lithium Project in Ghana, which we consider to be an industry-leading asset, and the Zaranou Gold Project in Côte d'Ivoire.
'The £12m 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.'
He added: '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 Cote d'Ivoire and Chad. We look forward to a transformational year ahead with significant news flow.'
At 1:50pm: (LON:IRR) Ironridge Resources Limited share price was 0p at 16.45p
Story provided by StockMarketWire.com
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