Raiden Resources (ASX:RDN) has pocketed $10 million from a “strongly supported” placement as the company looks to expand its planned drilling activities in Australia and Bulgaria.
A total of 312.5 million shares were issued at $0.032 to sophisticated, professional, and institutional investors. The issue price represents a 17.9% discount to Raiden’s share price of $0.039 on 9 October.
The proceeds will be used to fund drilling activities beyond what has already been planned at the company’s Andover North and Andover South lithium projects in Western Australia, as well as the Vuzel Gold Project in Bulgaria.
Raiden had originally planned a 5,000m diamond drilling program at the Andover projects, but chose to expand it to 15,000m after spodumene was observed in a pegmatite outcrop in target Area 2.
The Andover South Project hosts seven target zones with pegmatites that span more than 4.2km of strike.
Roughly 3,000m of drilling is expected to be carried out at the Vuzel Project.
Write to Oliver Gray at Mining.com.au
Images: Raiden Resources
