IRIS Metals (ASX:IR1) has launched a $7.5 million share placement to fund exploration activities and regional acquisitions in South Dakota, US.
The $143.31 million market capitalisation company plans to put the proceeds towards resource drilling at its hard rock lithium Beecher Project, with the company having recently confirmed wide spodumene intercepts during its ongoing drilling program.
IRIS expects the rest of the drill assay results from this ongoing program to be returned in the coming weeks, with progressive assays from the diamond drilling into the new year as the company works towards a maiden Mineral Resource Estimate (MRE).
Non-Executive Chairman Simon Lill says the company is ‘encouraged’ by the ‘significant’ interest in the placement from international investors.
“The additional funds will allow IRIS to accelerate exploration and resource drilling activities at Beecher as we aim towards announcing a maiden resource.
Drilling results have been nothing short of impressive thus far.”
“Drilling results have been nothing short of impressive thus far”
Petra Capital and Jett Capital Advisors were joint lead managers and bookrunners to the placement.
Lill is seeking to acquire $50,000 worth of shares through the placement, though this is subject to shareholder approval at the upcoming extraordinary general meeting.
IRIS Metals is a hard rock lithium explorer primarily focused on exploration, development, and mining activities in South Dakota.
Write to Aaliyah Rogan at Mining.com.au
Images: IRIS Metals
