Riversgold Ltd (ASX:RGL) has received firm commitments to raise about $6.09 million to underpin a major new phase of exploration activities on its Western Australian lithium projects.
The company is undertaking a share placement of 169,166,667 new fully paid ordinary shares to institutional, sophisticated and professional investors at $0.036 per share.
Aggressive campaign coming up
“We are delighted with the support shown for the company’s exploration strategies, demonstrated by the strong interest for this capital raising,” Riversgold executive chairman David Lenigas said.
“Riversgold is now very well-funded to aggressively continue its programs at both the Tambourah Lithium Project in the Pilbara and the newly-acquired Mt Holland package of tenements.
“This funding puts the company in a solid fiscal position for 2023 and will enable the company to accelerate its lithium-targeted drilling efforts on two exciting fronts,” he added.
A focus on lithium
Riversgold Ltd (ASX:RGL) is focused on lithium exploration in the world-renowned Pilbara and Yilgarn cratons in Western Australia.
The company acquired a suite of four lithium-prospective exploration tenement applications covering 164 square kilometres in the Pilbara region in 2002.
The key Tambourah Project is under-explored and has the potential to host a major lithium-caesium-tantalum system much like the nearby Pilgangoora and Wodgina deposits.
The company also owns a 333.2 square-kilometre tenement package prospective for lithium in the Southern Cross-Marvel Loch region of Western Australia, including a tenement immediately bordering the 189-million-tonnes Mt Holland Lithium Project.
The Riversgold portfolio also offers exposure to gold and nickel through its large landholding at the Kurnalpi Project in the Yilgarn.