11th May 2020 12:06
(Alliance News) - IronRidge Resources Ltd on Monday said it has raised GBP4.8 million through the issue of 67.9 million shares at 7 pence each.
Shares in the Africa-focused mineral explorer were trading 20% lower at 7.62 pence each on Monday morning in London.
The fundraise comprised of a placing of 50.0 million shares at 7 pence each and subscriptions totalling 17.9 million shares at the same price.
IronRidge said its largest shareholder, Assore Ltd, subscribed for six million shares and Chief Executive Vincent Mascolo subscribed for one million shares. Cambrian Ltd - a company in which Non-Executive Chair Neil Herbert and his wife are beneficial owners - subscribed for 677,143 shares.
The cash raised will be used to fund an accelerated drilling programme at the company's Zaranou gold project, to develop its pipeline of gold projects in Cote d'Ivoire and Chad, and for additional working capital.
"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 Ltd is a resounding endorsement of our diversified portfolio and ability to deliver new discoveries as we continue transitioning from explorer to developer," the company said.
Following admission, IronRidge will have 385.6 million shares in issue.
By Ife Taiwo; [email protected]
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