Raiden Resources (ASX:RDN) has received binding firm commitments from sophisticated and professional investors to raise $600,000 through the issue of 200 million shares at an issue price of $0.003 per share.
In addition, Raiden will undertake a non-renounceable rights issue on the basis of 1 new share for every 4 shares held on the record date to raise up to $1.241 million. Funds raised will be used to undertake metallurgical test work on its Mt Sholl Nickel-Copper-PGE Project, further drilling which will be based on metallurgical results, working capital and costs of the offers.
Raiden also recently reported on the maiden JORC (2012) compliant Mineral Resource Estimate (MRE) for Mt Sholl. The Mt Sholl resource is estimated to contain 23.4Mt @ 0.36% Ni, 0.40% Cu and 0.31g/t 3E (0.60% Ni_Eq/1.54% Cu_Eq) for 83.9kt of contained Nickel, 93.7,000t of contained Copper and 233,644oz of PGE’s, at a cut-off grade of 0.35% Ni_Eq cut-off for open pit resources and at 0.5% Ni-Eq for underground resources (JORC 2012).
The consolidated tenements are located 22km south of Karratha and 10km northeast of the mothballed Radio Hill mine in the Pilbara region of Western Australia, covering a total land area of 42km-square.
The project is well positioned in respect to infrastructure with the Port of Dampier, Karratha International Airport, and grid power, sealed highway and experienced mining support services all available within a 40km radius of the project.
