Riedel Resources (ASX:RIE) Announces $1.3M Capital Raising
Capital Raising Details
Riedel Resources Limited (ASX:RIE) is undertaking a two-tranche placement to raise approximately $1.0 million before costs at $0.025 per share. Tranche 1 aims to raise around $347k, while Tranche 2 seeks $653k pending shareholder approval. Additionally, a Share Purchase Plan (SPP) will target an extra $0.3 million from eligible shareholders under the same terms. Convertible Notes totaling $665k will convert into shares subject to approval.
Use of Funds
The capital raised will be allocated to advancing exploration and study activities at the high-grade Kingman Gold Project in Arizona, USA, as well as for working capital.
Executive Comments
Riedel’s Chairman, Scott Cuomo, stated, “We are pleased to receive support for this capital raising from both new and existing investors. Strong gold prices, renewed interest in domestic mining, and increased regional exploration activity in south-west USA, have enhanced the value of our Kingman Project. The funds raised will allow us to advance exploration and study work at the project’s high-grade Tintic deposit, along with exploring potential processing options within the region.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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