IronRidge Resources Limited announces that it has conditionally raised £4.75 million before expenses through a placing of, and subscription for, in aggregate, 67,857,571 new ordinary shares of no par value each in the Company, at a price of 7 pence per New Ordinary Share.
The Company will utilise these funds towards an accelerated drilling programme at the Zaranou Gold Project in Côte d'Ivoire and advancing its remaining suite of gold assets in Côte d'Ivoire and Chad, and its lithium projects in Ghana.
Commenting, Vincent Mascolo, Chief Executive Officer of IronRidge, said:
"The Fundraise, in which we have secured £4.75 million, will enable the Company to accelerate momentum during 2020 at our flagship Zaranou Gold Project through an aggressive drilling programme targeting a maiden mineral resource estimate, further develop the highly prospective suite of gold assets in Côte d'Ivoire and Chad, and advancing our lithium discovery in Ghana.
"We have resumed drilling at our Zaranou Gold Project through a phased drilling campaign designed to assess mineralisation continuity and targeting a maiden mineral resource estimate.
"We continue to advance our remaining suite of gold assets in Côte d'Ivoire and Chad, along with low-cost value adding initiatives across our Cape Coast Lithium Portfolio in Ghana.
"We would like to thank our existing shareholders for their continued support and would like to welcome our new shareholders to the register. In addition, the significant support of the Board and Assore Limited is a resounding endorsement of our diversified portfolio and ability to deliver new discoveries as we continue transitioning from explorer to developer.
"We would also like to thank our broker, SI Capital, for their strong contribution towards this Fundraise and on-going support to the Company, particularly during such a challenging time in global markets.
"We have made considerable progress over the course of 2019 and into 2020. Despite the global pandemic backdrop, we are focused on accelerating drilling at the Zaranou Gold Project and we remain on track to deliver on multiple milestones."
IronRidge Resources is an African focused, diversified minerals exploration company that creates shareholder value through the discovery, development and monetisation of mineral projects through African operational, exploration and studies expertise, large-scale contiguous tenure positions and an emphasis on geological and/or jurisdictional frontier provinces.