IRIS Metals Raises A$7.5M to Expedite Lithium Exploration in South Dakota

12 December 2023 15:12
Iris Metals Secures A7.5M Placement

IRIS Metals Limited (ASX:IR1) has successfully secured firm commitments for a A$7.5 million Placement at A$1.00 per share, attracting new institutions from the northern hemisphere to augment the Company’s register and fuelling growth activities, including resource drilling, regional exploration, and strategic acquisitions at its premier hard rock lithium project in South Dakota, USA.

Capital Infusion

Under the guidance of Petra Capital and Jett Capital Advisors LLC as Joint Lead Managers and Bookrunners, the financial resources are strategically poised for deployment, specifically aimed at reinforcing IRIS Metals’ growth initiatives.

The emphasis remains steadfast within the scope of the South Dakota lithium project, with the overarching goal of expediting progress towards the eagerly anticipated maiden Mineral Resource Estimate.

Impressive Drilling Results

Ongoing drilling activities at the Beecher Project have already proven promising, with wide spodumene intercepts validating its potential.

Diamond drilling is currently in progress at Beecher, with results expected to be returned from the laboratory in the upcoming weeks.

Chairman’s Investment

In addition to the Placement, Non-Executive Chairman Simon Lill has shown further confidence in the Company’s prospects by expressing his intention to acquire $50,000 worth of shares through this funding round.

This participation, however, is subject to approval at the upcoming Extraordinary General Meeting (EGM), in compliance with ASX Listing Rule 10.11.

The indicative timetable for the Placement has been outlined, with the trading halt lifted on December 12, 2023. Settlement is scheduled for December 18, 2023, followed by the allotment date on December 19, 2023.

Management Commentary

Non-Executive Chairman Simon Lill expressed his encouragement at the substantial interest from international investors, emphasising that the additional funds would play a crucial role in expediting exploration and resource drilling activities at Beecher.

“IRIS Metals is encouraged by the significant interest from international investors. The additional funds will allow IRIS to accelerate exploration and resource drilling activities at Beecher, as we aim towards announcing a maiden resource. Drilling results have been nothing short of impressive thus far,” he said.

IR1’s Australian Stock Exchange-listed share price is currently trading at $1.07 (3.10pm UTC+ 8 hours).

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