Western Australia lithium explorer Red Dirt Metals put a $50 million institutional placement on investors on Wednesday morning to fund work at its Mt Ida and Yinnetharra projects.
Western Australia lithium hopeful Red Dirt Metals put a $50 million institutional placement on investors on Wednesday morning to fund work its Mt Ida and Yinnetharra projects.The offer was priced at 50¢ a share, an 11.5 per cent discount to the last close. It was split into two tranches, of which $41.5 million was in the first one.
Red Dirt had room for another $5 million in oversubscriptions and a $5 million share purchase plan in the works, which would bring the total raising to $60 million. The term sheet sent to potential investors said Red Dirt would use the proceeds for things like drilling, mining studies, test work, feasibility studies, environmental approvals and working capital.Bids were due 4pm Wednesday for Asia Pacific investors and 7pm for the rest of the world.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets.
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