- Raiden Resources (RDN) completes $2.5 million placement which will support an upcoming drilling program at the Arrow North project in Western Australia
- The placement involves the issue of 125 million shares priced at 2 cents, which marks a 22 per cent discount to the 15-day volume-weighted average price
- Raiden has contracted Orlando Drilling to undertake 5000 metres of drilling at Arrow North which is expected to begin in early December
- The company has also finalised the acquisition of the Kalabak and Zlatusha licenses in Bulgaria, which means the consolidation of its portfolio is now completed
- Company shares are up 4.35 per cent to trade at 2.4 cents
Raiden Resources (RDN) has completed a capital raise and will soon begin a drilling program at the Arrow North project in the Pilbara region of Western Australia.
The company highlighted its plans to raise capital last week when it released its September quarterly report, which outlined Raiden ending the period with $1.67 million and an estimated 2.2 quarters left of funding.
The $2.5 million oversubscribed placement includes the issue of 125 million shares at an issue price of 2 cents per share which marks a 22 per cent discount to the 15-day volume-weighted average price. The placement comes with a one-for-2.5 free-attaching option, exercisable at 4 cents each with a three-year period.
Raiden will use the money raised for drilling at the Arrow North project, the Vuzel project in Bulgaria and is working towards drilling at the Mt Sholl project in Western Australia.
The company has contracted Orlando Drilling to undertake the initial 5000-metre reverse circulation drilling program at Arrow North. The program is expected to begin in early December once a heritage survey has been completed and the drill pad is prepared.
Managing Director Dusko Ljubojevic said the company was eager to get the maiden program underway.
“The maiden program will focus on one of the key target areas, where prospectivity is defined by multiple data sets and correlates to numerous elements which define the Hemi deposit,” he said.
“At the same time, we are currently evaluating and remodelling all the historical work available over the Mt Sholl project, where approximately 80,000 metres of drilling has been completed to date.”
As part of Raiden’s strategy, it completed the acquisition of Zelenrok EOOD which holds the rights to the Kalabak and Zlatusha projects in Bulgaria. This acquisition provides Raiden with total exposure to the entire portfolio in Bulgaria and in Serbia and broadens its options in terms of potential partnerships.
Company shares were up 4.35 per cent to trade at 2.4 cents at 1:21 pm AEDT.