PERTH (miningweekly.com) – Lithium-boron developer Global Geoscience will raise A$30-million through an institutional placement to advance its Rhyolite Ridge project, in Nevada.
The ASX-listed company on Thursday reported that 150-million shares would be issued under the company’s placement capacity, priced at 20c each, with the price representing a discount of 9.1% to Global’s last closing price on September 25.
“We are delighted with the continued support shown by our existing institutional shareholders for the ongoing development of Rhyolite Ridge, and we would like to take the opportunity to welcome a number of new high-quality investors onto our register,” said Global MD Bernard Rowe.
“This equity raising increases the company’s cash balance to around A$35-million and will fund budgeted activities associated with the Rhyolite Ridge prefeasibility study, pilot plant programme and definitive feasibility study over the coming two years.”
Rowe added that the capital raising, in conjunction with the recent agreements to secure exclusive long-term water rights at Rhyolite Ridge, significantly de-risked the project.
The project has an indicated and inferred resource of 393-million tonnes at 0.9% lithium carbonate and 2.9% boric acid.