Aim-listed IronRidge Resources has conditionally raised £4.75-million before expenses through the placing of, and subscription for, new ordinary shares in the company.
The funds will be used towards an accelerated drilling programme at the Zaranou gold project, in Côte d'Ivoire, targeting a maiden mineral resource estimate, and advancing its remaining suite of gold assets in Côte d'Ivoire and Chad, as well as its lithium projects in Ghana.
The company has resumed drilling Zaranou through a phased drilling campaign designed to assess mineralisation continuity and targeting a maiden mineral resource estimate.
It continues to advance its remaining suite of gold assets in Côte d'Ivoire and Chad, along with low-cost value-adding initiatives across its Cape Coast lithium portfolio in Ghana.
"We would like to thank our existing shareholders for their continued support and would like to welcome our new shareholders to the register. In addition, the significant support of the board and Assore is a resounding endorsement of our diversified portfolio and ability to deliver new discoveries as we continue transitioning from explorer to developer.
"We would also like to thank our broker, SI Capital, for their strong contribution towards this fundraise and ongoing support to the company, particularly during such a challenging time in global markets,” comments IronRidge CEO Vincent Mascolo.
He says the company has made considerable progress over the course of 2019 and to date this year.
“Despite the global pandemic backdrop, we are focused on accelerating drilling at the Zaranou project and we remain on track to deliver on multiple milestones,” he says.
Owing to the limit of the company's current authorities to issue ordinary shares, the fundraise will be split into two tranches.
The company will make an announcement in due course regarding convening a general meeting.