Raiden Resources (ASX:RDN) Raises AU$10Mn for Expanded Lithium Drilling

October 14, 2024 12:00 PM AEDT | By Sonal Goyal

Raiden Resources (ASX:RDN) Raises AU$10Mn for Expanded Lithium Drilling — Image source: Company update

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Highlights

RDN is raisings AU$10 million through a share placement, which has received support from sophisticated, professional and institutional investors.

The funds will be used to expand the drilling program at Andover South from an initial plan of 5,000m to up to 15,000m.

The expanded drilling program will focus on evaluating Target Areas 1, 2 and 7.

Raiden Resources Limited (ASX:RDN) has secured firm commitments from institutional, professional and sophisticated investors to raise AU$10 million through a placement of 312.5 million shares at 3.2 cents per share. The capital raised will be used to accelerate and expand drilling at the Andover South Lithium Project.

Initially, the company had planned a 5,000m diamond drilling campaign. However, following preliminary observations from the first five holes and the discovery of spodumene in pegmatite outcrops in Target Area 2, RDN has expanded the program to 15,000m.

The decision to proceed with the placement and expand the drilling program was driven by the company’s geologists identifying additional high-grade drill targets within the project area. The drill program will focus on Target 1, 2 and 7.

RDN shares traded at AU$0.037 apiece at the time of writing on 14 October 2024.

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