- Reedy Lagoon Corporation (RLC) raises just over 12 per cent of what it had hoped through its pro-rata non-renounceable rights offer
- The company offered over 78 million shares to investors in the hopes of raising $3.3 million but received applications for just over nine million, raising $362,787
- Despite missing its target, RLC says it has sufficient funds to maintain its US-based lithium brine projects at Cayton Valley and Alkali Lake North
- With $700,000 cash in the bank following this raise and no debt, Reedy also assures investors it is funded to continue securing new lithium projects
- Company shares slumped 8 per cent to trade at 2.3 cents at 1:59 pm AEST
Reedy Lagoon Corporation (RLC) has raised just over 12 per cent of what it had hoped in its pro-rata non-renounceable rights offer.
At the start of May, the company told investors it would be launching an offer to raise $3.3 million under which participants could receive one new share for every seven held, at four cents each.
The offer closing date was extended to May 27, and, with the new shares issued today, the company revealed that of the 78 million shares on offer, shareholders had subscribed for just over nine million, raising $362,787.
This leaves over 69 million shares available for shortfall, which the directors of Reedy Lagoon can place at their discretion at the same price as the rights offer.
Despite missing the $3.3 million mark, the company said it had sufficient funds to maintain its US-based lithium brine projects at Cayton Valley and Alkali Lake North.
With $700,000 cash in the bank following this raise and no debt, Reedy also assured investors it is funded to continue securing new lithium projects.
Company shares were down 8 per cent and trading at 2.3 cents at 1:59 pm AEST.