Riedel Resources raised approximately $575,500 in capital through the issuance of 164,428,571 fully paid ordinary shares at an issue price of $0.0035 per share.
Proceeds from the placement will primarily support ongoing operations at the Kingman Project in Arizona.
Key utilisation includes completing metallurgical test work, initiating preliminary economic study work for the Tintic project's development scenario, and sustaining exploration efforts for additional high-grade mineralisation.
The raised capital will also contribute to working capital needs.