Raiden taps investors for $10m

Victoria Park-based junior Raiden Resources has announced it will raise $10 million in order to accelerate drilling activities at its Andover South lithium project in the Pilbara.

Initially, Dusko Ljubojevic-led Raiden had earmarked 5,000 metres of diamond drilling at Andover South – however a decision to expand the program by a further 10,000m, along with the placement, was made after the company’s geologists identified a series of high-grade targets.

Under the placement, Raiden said it would issue 312.5 million fully-paid ordinary shares at an issue price of 3.2 cents.

This price represents a 17.9 per cent discount to its final closing price on October 9. Additionally, both Kaai and Evolution Capital were appointed joint lead managers to the placement.

Monday’s market update follows news on September 30 that the junior – which has multiple commodity interests across Australia, Bulgaria and Serbia – had begun drilling at Andover South, along with a list of proposed performance share incentive plan for the company’s board of directors, which will be voted on by shareholders at Raiden’s upcoming annual general meeting.

In April, Raiden announced it had entered into a binding agreement with Mallina Corporation, in order to divest its Arrow gold project in the Pilbara, which was its fifth non-core asset transaction.

As of 11.46am WST, Raiden shares were flat at 3.9 cents.