Raiden Resources (ASX:RDN, DAX:YM4) raises AU$10Mn to expand lithium and gold drilling

October 18, 2024 11:32 AM AEDT | By Sonal Goyal

Raiden Resources (ASX:RDN, DAX:YM4) raises AU$10Mn to expand lithium and gold drilling — Image source: Company update

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Highlights

RDN has completed a AU$10 million placement by issuing 312.5 million shares at 3.2 cents per share.

Funds will be used to extend drilling programs, including up to 15,000m drilling at the Andover North and South lithium projects.

The proceeds will also be directed towards 3,000m drilling at the Vuzel Gold Project.

Raiden Resources Limited (ASX:RDN, DAX:YM4) has completed a placement of 312.5 million shares at 3.2 cents per share, raising AU$10 million (before costs). The placement received strong support from professional, sophisticated and institutional investors.

The funds will be used to advance the company's drilling programs beyond the initially planned activities. This includes up to 15,000m of drilling at the Andover North and Andover South lithium projects, and up to 3,000m of drilling at the Vuzel Gold Project.

RDN shares were trading at AU$0.031 apiece at the time of writing on 18 October 2024.

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