Gold Mountain raises exploration cash

21st July 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Junior Gold Mountain will raise A$2.25-million in a share placement to accelerate lithium exploration in Brazil.

The company on Friday said it had received binding commitments for the placement of some 300-million new shares at an issue price of between 0.75c and 0.78c a share under its existing placement capacity.

“We are very pleased with the strong support for the placement from new and existing investors. We believe the strong demand for this capital raising is a testament to the quality of the company’s projects,” said Gold Mountain executive director David Evans.

Proceeds from the placement will be used to accelerate exploration activities at the company’s lithium assets in Brazil, and at the Wabang project in Papua New Guinea.