IronRidge Resources Ltd (LON:IRR) has secured £5.4mln to fund the continued the advances being made with its pipeline of gold and lithium projects in Ghana, Chad and Côte d'Ivoire.
The shares will be placed a 20p each, a modest discount to Wednesday’s closing price. The funding round has the backing of the company’s major investors.
Chief executive Vincent Mascolo said significant on-the-ground progress had been made in 2018 that required follow-up.
“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.
In Cote d'Ivoire, IronRidge has uncovered extensive, highly prospective and “strategically contiguous” gold and lithium producing portfolios along major gold producing structural trends.
"The capital raise… will enable the director's to execute their strategy to further develop the Company's highly prospective gold and lithium assets.”