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Raiden Resources (ASX:RDN) receives applications for $1M capital raise and drilling at Kalabak
  • Raiden Resources (RDN) has received applications to undertake a $1 million capital raise and begin drilling at the Kalabak Project in Bulgaria
  • To raise the $1 million, Raiden will issue more than 142 million fully paid ordinary shares to sophisticated and professional investors at 0.7 cents each
  • The company will use the money to advance its projects, further acquisitions, and provide working capital
  • As stated before, Raiden has also received applications to begin drilling at the Kalabak Project
  • Work will begin at the Sbor target and then move to the Belopolsti epithermal gold target
  • Raiden is up a healthy 33.3 per cent on the market and shares are trading for 1.2 cents each

Raiden Resources (RDN) has received applications to undertake a $1 million capital raise and begin drilling at the Kalabak Project in Bulgaria.

"We are very excited to be finally drilling the targets on Kalabak. Both the Sbor porphyry and Belopolsti epithermal gold targets provide us with an opportunity for an exciting discovery in an emerging gold district in Bulgaria," Managing Director Dusko Ljubojevic commented.

"This is the initial drill program, which we expect to provide insight into the nature of mineralisation and structural controls of both targets and assist in guiding further drilling," he said.

"Furthermore, we are thankful for the support of current and new investors, who participated in the non-brokered capital raising. The company is now fully funded for the planned drilling program," he added.

Capital raise

To raise the $1 million, Raiden will issue a total of 142,857,143 fully paid ordinary shares to sophisticated and professional investors at 0.7 cents each.

This price represents a 22 per cent discount to the company's closing price on August 28 of 0.9 cents, and an 8.76 per cent discount to the 15-day volume-weighted average price.

The capital raise will be undertaken in two phases with phase one issuing 107,142,857 shares to raise $750,000.

Phase two, which is subject to shareholder approval, will see 35,714,286 shares to raise the remaining $250,000.

Further, Directors have committed to take up $195,000, however, this is also subject to shareholder approval.

Shares under phase one are expected to be issued on September 9.

Raiden will use the money to advance its projects, further acquisitions, and provide working capital.

Kalabak drilling

As stated before, Raiden has also received applications to begin drilling at the Kalabak Project.

Kalabak is located in the Kaskovo Province of southern Bulgaria and it covers an area of 191 square kilometres.

Raiden will begin at the Sbor target where a 400-metre by 400-metre gold in soil anomaly is present. This anomaly is also coincidental with molybdenum and copper soil anomalies.

Despite evidence of significant mineralisation, the target remains untested at depth.

Once work has finished at Sbor, Raiden will move onto the Belopolsti epithermal gold target where follow-up soil sampling has defined several anomalous zones and elevated gold in rock samples.

The company believes that the outcropping veins may contain higher gold values at depth and this upcoming program will test these structures.

Raiden is up a healthy 33.3 per cent and shares are trading for 1.2 cents each at 12:06 pm AEST.


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