IronRidge Resources has conditionally raised £4.75 million before expenses through a placing of, and subscription for, in aggregate, 67,857,571 new ordinary shares of no par value each in the Company, at a price of 7 pence per new ordinary share.
IronRidge Resources will utilise these funds towards an accelerated drilling programme at the Zaranou Gold Project in Côte d’Ivoire and advancing its remaining suite of gold assets in Côte d’Ivoire and Chad, and its lithium projects in Ghana.
Commenting, Vincent Mascolo, CEO of IronRidge, says:
“The fundraise, in which we have secured £4.75 million, will enable the Company to accelerate momentum during 2020 at our flagship Zaranou Gold Project through an aggressive drilling programme targeting a maiden mineral resource estimate, further develop the highly prospective suite of gold assets in Côte d’Ivoire and Chad, and advancing our lithium discovery in Ghana.
“We have resumed drilling at our Zaranou Gold Project through a phased drilling campaign designed to assess mineralisation continuity and targeting a maiden mineral resource estimate.
“We continue to advance our remaining suite of gold assets in Côte d’Ivoire and Chad, along with low-cost value adding initiatives across our Cape Coast Lithium Portfolio in Ghana.
“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 is a resounding endorsement of our diversified portfolio and ability to deliver new discoveries as we continue transitioning from explorer to developer.
Read more about gold
“We have made considerable progress over the course of 2019 and into 2020. Despite the global pandemic backdrop, we are focused on accelerating drilling at the Zaranou Gold Project and we remain on track to deliver on multiple milestones.”
Use of funds
Proceeds from the fundraise will be applied to:
- A phased drilling programme, of which 9,000m is currently underway at the Zaranou Gold Project in Côte d’Ivoire designed to test mineralisation continuity and grade over an initial 3 km strike followed by an aggressive infill drilling campaign of approximately 30,000 m targeting a maiden mineral resource estimate.
- Ongoing development of the Company’s pipeline of gold projects in Côte d’Ivoire and Chad, including reconnaissance drilling programmes across our highly prospective gold portfolios.
- Further low-cost value-adding initiatives at the Cape Coast Lithium Portfolio in Ghana, designed to fast-track development timelines.
- Ongoing working capital, including costs associated with the fundraise.
Read more about IronRidge Resources