PERTH (miningweekly.com) – ASX-listed junior Red Mountain Mining will raise A$1.75-million to progress its Red Valley lithium project, in the US.
The company on Friday announced the placement of some 23.3-million shares, at 2.9c each, under its placement capacity, with a further 34.6-million shares to be placed at 3.1c each, as approved by shareholders at the company’s annual general meeting last year.
The capital will be used to fund drilling at the Red Valley lithium brines project and to analyse the drill results. Red Mountain will also progress the acquisition of the lithium brines project and review and assess complementary new projects.