HomeBattery metalsIronRidge Resources raises £12 million to develop projects in West Africa

IronRidge Resources raises £12 million to develop projects in West Africa

IronRidge Resources has announced it has raised £12 million before expenses through a subscription for, and placing of, in aggregate, 60,000,000 new ordinary shares in the Company at a price of 20 pence per share. The Company will primarily utilise these funds towards the development of its lithium and gold projects in Ghana, Côte d’Ivoire and Chad in Africa.

Vincent Mascolo, CEO of IronRidge, says:


“We are delighted by the interest shown in IronRidge by the international equity capital markets and I would like to thank shareholders for their participation in this oversubscribed fundraise.

“Today’s news demonstrates, yet again, belief and confidence in the Board’s strategy to advance further the Company’s gold and lithium portfolio, with a strong focus on the Ewoyaa Lithium Project in Ghana, which we consider to be an industry-leading asset, and the Zaranou Gold Project in Côte d’Ivoire.

“The £12m raised puts IronRidge in a strong financial position to capitalise upon the opportunities that it has created itself, particularly as the Company assesses its options to fast track Ewoyaa to production.

“With the modern world embarking on a race towards electrification and de-carbonisation, demand for lithium, due to its use in the stored energy space, is skyrocketing. Concurrently, the global pandemic, and its effect on global economies, has provided a bullish backdrop for gold.

“We believe that there is no better time to be a diversified explorer and developer with an advanced high-grade lithium pegmatite project heading towards production in Ghana and a portfolio of prospective gold projects in Cote d’Ivoire and Chad. We look forward to a transformational year ahead with significant news flow.”