- Recharge Metals (REC) secures $3 million in fresh funds to accelerate exploration efforts at its Express lithium project in Quebec, Canada
- The company says it received “firm commitments” from institutional, sophisticated and professional investors for a conditional placement of 30 million new shares at 10 cents each
- Recharge decided to upscale the placement from $2.5 to $3 million due to “the significant level of demand”
- The company acquired Express on March 15, with initial exploration aimed at identifying targets ahead of a summer field campaign
- REC shares are trading at 14 cents at 10:57 am AEDT
Recharge Metals (REC) has secured $3 million in fresh funds to accelerate exploration activities at its Express lithium project in Quebec, Canada.
The company said it received “firm commitments” from institutional, sophisticated and professional investors for a placement of 30 million new shares at 10 cents each.
The funds will go towards its exploration activities, including the company’s initial program aimed at defining target areas ahead of a summer field campaign.
Recharge said the summer field season would involve detailed geological mapping and sampling, followed by diamond drilling being carried out on key lithium targets identified.
The company acquired Express on March 15, 2023. The project holds 139 mineral claims over two contiguous blocks in the prolific James Bay Region of Quebec.
Recharge decided to upscale the placement size from $2.5 million to $3 million following the “significant level of demand” it saw.
The company also received firm commitments from the board for $100,000 fully paid shares in the placement.
The placement is expected to be completed on or about April 28, following a shareholder meeting.
REC shares were trading at 14 cents at 10:57 am AEDT.