$2 Million Placement to Advance Selectro and Grass Patch
Mount Ridley Mines Ltd
Key points
- Oversubscribed capital raise of $2 million at $0.033 per share
- Directors to subscribe for additional $100,000
- Funds to accelerate Grass Patch Project and Selectro Process development
Full summary
Mount Ridley Mines Ltd has secured firm commitments to raise $2 million through a placement at $0.033 per share, with directors committing to subscribe for an additional $100,000. The funds will accelerate the next phase of work at the Grass Patch Project, including flotation, bulk metallurgical testwork, scoping studies, and resource definition activities. The Selectro Process development will also continue through process optimization, downstream testwork, and assessment of third-party feed opportunities. The Company aims to increase geological confidence and advance the definition of the Project's scandium, gallium, and heavy rare earth element resources.
Guidance
Mount Ridley Mines Ltd expects to raise $2 million through the placement, with directors committing an additional $100,000.
Outlook
The Company looks forward to reporting results from the accelerated advancement of the Selectro Process and ongoing activity at the Grass Patch Project in the near term.