IronRidge Resources has raised approximately £5.4 million through a subscription for, and placing of, in aggregate, 27,022,000 new shares at a price of 20 pence per share.
IronRidge will primarily utilise these funds towards the development of its gold and lithium projects in Ghana, Chad and Côte d'Ivoire in Africa.
"We have made significant progress over the course of 2018, having focused on enhancing the company's asset base," says CEO, Vincent Mascolo.
"Most notably, the Ghanaian Cape Coast lithium project has continued to deliver exciting and potentially world class lithium grades and drill intersections, whilst in Chad, we have uncovered a substantial gold bearing province with a surface footprint rivalling some of today's largest operating gold mines.
"In Cote d'Ivoire we have an extensive, highly prospective and strategically contiguous gold (~3,200km2) and lithium (~1,200km2) portfolios along major gold producing structural trends.
"The capital raise, in which we have secured £5.4 million, will enable the director's to execute their strategy to further develop the company's highly prospective gold and lithium assets.
"We would like to thank our existing shareholders for their continued support, and would like to welcome our new shareholders to the register.
"We look forward to updating the market on our further developments in due course," concludes Mascolo.