Riedel Resources (ASX:RIE) - Chairman, Michael Bohm
Chairman, Michael Bohm
Source: Trendsmap
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Riedel Resources (RIE) has received firm commitments to undertake a $1.87 million share placement
  • The funds will be raised through the issue of roughly 125 million new shares to institutional, sophisticated and professional investors at 1.5 cents
  • Riedel will use the money to undertake a 5000-metre reverse circulation drilling program at the Kingman Gold Project in Arizona
  • The company will follow up on the high-grade mineralisation previously intersected of 98.9g/t gold and 323g/t silver
  • Riedel has ended the day down 5.88 per cent with shares trading at 1.6 cents apiece

Riedel Resources (RIE) has received firm commitments to undertake a $1.87 million share placement.

The company entered a trading halt on June 3 but did not disclose how much it intended to raise or what it would use the funds for.

The funds will be raised through the issue of roughly 125 million new shares to institutional, sophisticated and professional investors at 1.5 cents.

Riedel will use the money to undertake a 5000-metre reverse circulation drilling program at the Kingman Gold Project in Arizona.

The company will follow up on the high-grade gold and silver mineralisation intersected at Tintic which peaked at 98.9g/t gold and 323g/t silver.

“We are particularly pleased with the support from both new investors and existing shareholders which we believe demonstrates the quality of the company’s Kingman Project,” Chairman Michael Bohm said.

“Our drilling will focus on the Tintic area and our US-based team, which successfully carried out the last program on time and on budget, eagerly awaits commencement of drilling.”

Shares are expected to settle on June 11 with quotation on June 15.

Riedel ended the day down 5.88 per cent with shares trading at 1.6 cents apiece and a $14.30 million market cap.

RIE by the numbers
More From The Market Herald
Sihayo Gold (ASX:SIH) - Executive Chairman, Colin Moorhead

" Sihayo Gold (ASX:SIH) secures further interim funding

Sihayo Gold (ASX:SIH) has secured interim funding from its shareholder, PT Saratoga Investama Sedaya Tbk.

" Alchemy Resources (ASX:ALY) commences aircore drilling at Karonie

Aircore drilling is underway at Alchemy Resources' (ASX:ALY) Karonie gold project 110 kilometres east of Kalgoorlie,…
Technology Metals (ASX:TMT) - Managing Director, Ian Prentice

" Technology Metals (ASX:TMT) expands MoU for vanadium redox flow batteries

Technology Metals (ASX:TMT) is set to expand a memorandum of understanding which was first executed in…

" Silver Lake Resources (ASX:SLR) wins bid for TSX-listed Harte Gold

Silver Lake Resources (ASX:SLR) has won its bid to acquire TSX-listed gold mining company Harte Gold.