Red Mountain Mining raises $1,75m to advance its Red Valley Lithium Project

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Red Mountain Mining Limited announced that it has received ‘firm commitments’ to raise $1.75 million to progress its Red Valley Lithium Project located in state of Utah, USA.

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Red Mountain said the Placement was heavily oversubscribed with significant interest from professional and sophisticated investors experienced in the energy metals sector, adding that  it expects to issue the Placement shares on or around 3 March 2017.

“The placement will be undertaken using the Company’s available placement capacity, comprising 23,306,983 shares issued at an issue price of $0.029 under the Company’s 15% placement capacity and 34,648,306 shares issued at an issue price of $0.031 under the additional 10% placement capacity, approved by shareholders at the Company’s 2016 annual general meeting,” the company told the ASX.

The funds raised will be used to undertake its planned drilling program at the project; to analyse and assess the drill results; to progress the acquisition of the project; to review and assess complementary new assets and for general working capital.