- Raiden Resources (RDN) receives firm commitments to raise about $1.83 million to fund exploration at its Mt Sholl nickel project in WA
- The company will issue 215 million new shares at a price of 0.7 cents each
- For every 2.5 shares subscribed for, one attaching option will be received, exercisable at 1.5 cents and expiring in November 2024
- The funds raised will support a 5000-metre drilling program at Mt Sholl and working capital
- Shares are trading 12.5 per cent higher today at 0.9 cents each at 2:05 pm AEST
Raiden Resources (RDN) has received firm commitments to raise about $1.83 million to fund exploration at its Mt Sholl nickel project in WA.
The company will issue 215 million new shares at a price of 0.7 cents each.
For every 2.5 shares subscribed for, one attaching option will be received, exercisable at 1.5 cents and expiring in November 2024.
In addition, Raiden will offer a one-for-five loyalty option for eligible shareholders at a cost of 0.1 cents per option.
These will be on the same terms as the placement options and are expected to raise a further $326,488.
The funds raised will support a 5000-metre drilling program at Mt Sholl and working capital.
Managing Director Dusko Ljubojevic was excited to progress exploration work.
“We are very pleased to have completed a placement with CPS Capital ahead of our 5000-metre maiden diamond drilling program on our advanced Mt Sholl Nickel project, where the majority of the historical drilling intersected mineralisation at shallow depths and remains open along strike and at depth,” he said.
Shares were trading 12.5 per cent higher today at 0.9 cents each at 2:05 pm AEST.