Mount Ridley Mines raises $2M for exploration
- Mount Ridley Mines secured $2 million in firm commitments through an oversubscribed capital placement to sophisticated and professional investors.
- The placement was priced at $0.033 per share, representing a discount to recent market trading prices.
- Proceeds will fund work programmes at the Grass Patch Project, including metallurgical testing, scoping studies, and process optimisation.
Mount Ridley Mines (ASX:MRD) secured $2 million in firm commitments through an oversubscribed share placement to fund development activities at its Grass Patch Project.
The transaction priced new shares at $0.033 each, compared to the company's previous closing price of $0.040 per share.
"The strength of support from our existing shareholder base speaks to the confidence in the Grass Patch project as we move into a high-impact work programme," said Mount Ridley Managing Director & CEO Allister Caird.
Company directors also pledged an additional $100,000 under identical placement terms, subject to approval at an upcoming general meeting.
Following the announcement, the Mount Ridley Mines share price was down at $0.037.
The new capital is targeted at flotation testing, bulk metallurgical work, and advancing resource definitions for scandium, gallium, and heavy rare earth elements.
The company stated that the capital placement was intentionally sized to meet immediate project needs while limiting equity dilution for existing shareholders.
