Global Geoscience Limited announced that the Company has completed the underwritten institutional placement announced on 13 June 2018. The Placement was heavily oversubscribed, reflecting strong support for the Company from a combination of existing shareholders and new high-quality institutional investors, driven by ongoing interest in Global’s 100% owned Rhyolite Ridge Lithium-Boron Project in Nevada, USA
The equity raising will provide Global with the necessary funding to accelerate the development of Rhyolite Ridge by funding the:
- Completion of feasibility studies;
- Drilling to infill and extend the current resource; and
- Ongoing working capital and potential long lead time items
The Rhyolite Ridge Definitive Feasibility Study (DFS) and environmental approval process are anticipated to be complete by 2H19.
The Placement of 130 million ordinary shares (New Shares) will be issued using Global’s 25% placement capacity pursuant to ASX Listing Rule 7.1 and 7.1A, as approved by Global shareholders at the Company’s Annual General Meeting on 28 September 2017. New Shares will be issued at a fixed price of A$0.41
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