Aim-listed IronRidge Resources has raised about £5.4-million before expenses through the issue of about 27-million shares at a price of 20p apiece.
The funds will be used to develop the company’s gold and lithium projects in Ghana, Chad and Côte d'Ivoire.
The majority of purchases were received from Assore – IronRidge’s largest shareholder; Sumitomo Corporation; IronRidge CEO Vincent Mascolo; and IronRidge chairperson Neil Herbert.
Assore now holds 31.34% of IronRidge’s total issued share capital, while DGR Global holds 22.18%, Sumitomo 10.29%, Mascolo 4.37% and Cambrian 0.16%.
Mascolo commented on Wednesday that the company had made significant progress so far over the course of this year, having focused on enhancing the company's asset base.
“Most notably, the Ghanaian Cape Coast lithium project has continued to deliver exciting and potentially world-class lithium grades and drill intersections, while in Chad, we have uncovered a substantial gold-bearing province with a surface footprint rivalling some of today's largest operating gold mines.
"In Côte d'Ivoire, we have extensive, highly prospective and strategically contiguous gold (3 200 km2) and lithium (1 200 km2) portfolios along major gold producing structural trends.”