- Gold Mountain (GMN) raises $2.25 million through a placement to sophisticated and professional investors
- The funds will go toward lithium exploration activities in Brazil
- The company will issue 300 million new shares at an issue price of 0.75 cents each
- The funds will also further exploration at the company’s Wabag project in Papua New Guinea
- Shares are up 11 per cent, trading at 1 cent at 12:26 pm AEST
Gold Mountain (GMN) has raised $2.25 million through a placement to sophisticated and professional investors to further lithium exploration activities in Brazil.
The funds were raised through the issuance of around 300 million new shares at 0.75 cents each.
“We are very pleased with the strong support for the placement from new and existing investors,” GMN Executive Director David Evans said.
“We believe the strong demand for this capital raising is a testament to the quality of the company’s projects”.
Additional to lithium exploration in Brazil, the company will also use the funds to further exploration at the company’s Wabag project in Papua New Guinea.
The company increased its stake in its Brazilian acreage in January of this year.
Gold Mountain shares were up 11 per cent, trading at 1 cent at 12:26 pm AEST.