Funds Raised Through At the Market Facility
Perth, Dec 11, 2023 AEST (ABN Newswire) - Raiden Resources Limited (
ASX:RDN) (YM4:FRA) is pleased to announce that it has utilised it's At-the-Market Financing Deed with 8 Equity Pty Ltd (Financier) to raise net proceeds after costs of ~$833,524, through the set-off of 12,150,000 Advance Subscription Shares previously issued to the Financier, at an average deemed share price of ~$0.075 per Share (Advance Subscription Shares).
HIGHLIGHTS
- At-the-Market Facility utilised raising net proceeds of ~$833,524 at an issue price of ~$0.075 per Share, which, based on the Company's last share close price, represents an ~88% premium
- Finance request ended, with the Company not obligated to draw down any further funds
- 83,850,000 advance subscription shares remain available from the previously issued 96,000,000 facility shares
- Funds raised will primarily be used to further advance the Company's projects
- As at the 11/12/2023, the Company now has ~$7,946,760 cash in the bank
Mr Dusko Ljubojevic, Managing Director of Raiden commented: "Having defined pegmatite mineralisation and lithium mineralisation across multiple projects in the Pilbara, we are pleased to have secured additional capital for the Company to advance an aggressive exploration campaign across all our projects.
The Company is also delighted that although shareholder approval was received to issue 96m shares to 8 Equity Pty Ltd for the At-the-Market facility to raise $2m, the Company has utilised only ~12m shares to raise nearly $1m dollars, which we consider an excellent outcome."
Based on the Company's last close share price on the 8/12/2023, the issue price of the Advance Subscription Shares represents a premium of ~88%. Further details regarding the Financing Deed is set out in the Company's 8 August 2023 ASX announcement.
The 12,150,000 Advance Subscription Shares reduce the total 96,000,000 Advance Subscription Shares initially issued to the Financier to 83,850,000 Advance Subscription Shares, which the Company may (but is not obligated to) draw down on to raise further funds.
About Raiden Resources Limited
Raiden Resources Limited (ASX:RDN) (DAX:YM4) is a dual listed exploration and development company which is advancing the Mt Sholl Nickel-Copper-Cobalt-Palladium deposit in the Pilbara. The Company's portfolio host metals and commodities considered critical for the energy and electrification revolution.
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