Global Geoscience Ltd. said June 13 that it is raising A$53 million in a fully underwritten institutional placement to accelerate the development of its Rhyolite Ridge lithium-boron project in Nevada.
It will place 130 million new shares at 41 cents each, which is a discount of 7.9% to the June 12 closing price on the ASX. Settlement is expected June 20.
The placement increases the company's cash balance to more than A$85 million and will fund the Rhyolite Ridge feasibility studies and pilot plant program over the next two years as well as resource extension drilling and procurement of critical long-lead items along with general working capital.
Global Geoscience expects to complete the definitive feasibility study and environmental approval process by the second half of 2019.