- Riversgold (RGL) places its shares in a trading halt pending the release of a capital raise
- Riversgold is yet to disclose how much it intends to raise or what it will use the funds but it does have some exploration work coming up
- Yesterday, the company was granted four new licenses by the WA government, increasing its Mt Holland project to 41.2 square kilometres
- In two weeks, it will commence soil sampling to generate drill targets for a maiden drilling program in the new year
- RGL shares last traded at 4.4 cents on November 9 and expects to come out of the halt by Monday, November 14
Riversgold (RGL) has placed its shares in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until the earlier of Monday, November 14, or when the announcement is released.
Riversgold is yet to disclose how much it intends to raise or what it will use the funds for once received.
Yesterday, the company announced its footprint expansion in the Mt Holland area of Western Australia after being granted four new exploration licenses by the state government.
The Western Australian Department of Mines, Industry, Regulation and Safety (DMIRS) granted the new licences which increased RGL’s Mt Holland project area to 41.2 square kilometres.
Riversgold said the tenements were “highly prospective” for lithium in spodumene-rich pegmatites, and the company plans to begin on-ground exploration within two weeks.
The upcoming work will include geochemical soil sampling and is aimed at generating drill targets for a maiden drilling program in the first quarter of 2023.
Whether or not the capital raise will support exploration isn’t yet certain.
Shares last traded at 4.4 cents on November 9.