Raiden (ASX: RDN, DAX: YM4) completes AU$5M Tranche 1 placement, funds to fuel Pilbara lithium exploration

September 10, 2023 09:00 PM PDT | By Sonal Goyal

Raiden (ASX: RDN, DAX: YM4) completes AU$5M Tranche 1 placement, funds to fuel Pilbara lithium exploration — Image source: © Skazovdd | Megapixl.com

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Highlights

Raiden has completed Tranche 1 placement for AU$5 million.

Owing to strong interest, the company has elected to accept oversubscriptions of an additional AU$1 million.

The funds raised will be used to progress the company’s lithium projects in the Pilbara region, in Western Australia.

Raiden Resources Limited (ASX: RDN, DAX: YM4) has completed Tranche 1 placement for AU$5 million by issuing 227 million shares. The placement was strongly supported by sophisticated, professional, and institutional investors.

The ASX-listed exploration company has also announced a further placement of AU$1 million via Tranche 2.

Data source: Company update

Tranche 2 Placement

Initially, the company intended to raise AU$5 million, however, after expressions of strong interest, it has elected to accept oversubscriptions of AU$1 million. The additional tranche is subject to shareholder approval, anticipated during this month.

The proceeds from the placement will be used to advance the company’s three projects located in the Pilbara region of Western Australia - the Andover North and Andover South lithium projects, the Mt Sholl nickel/copper/lithium project, and the Arrow gold/lithium project.

RDN shares traded at AU $0.032 midday on 11 September 2023.

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