IRIS Metals (ASX:IR1) Completes $8 Million Capital Raise
Successful Capital Raise
IRIS Metals Limited (ASX: IR1) announced the successful completion of its capital raising program, securing $8.01 million. This achievement reflects strong investor support, including participation from Stardust Power Inc. (NASDAQ: SDST). The capital raised will advance the Company’s lithium exploration projects in South Dakota.
Exclusivity Agreement with Stardust Power
As part of the recent developments, an Exclusivity Agreement with Stardust Power will commence on December 9, 2024. The agreement maintains an initial duration of three months, with a provision for an additional month at the end of this period.
Market Impact and Future Prospects
Chairman Peter Marks stated, “The successful completion of our capital raising program positions us to accelerate the advancement of our South Dakota exploration and development projects.” He emphasised the importance of domestically produced hard rock lithium, particularly in light of recent geopolitical events.
Stardust Power’s CEO, Roshan Pujari, added, “We are excited to work with IRIS Metals…IRIS has a unique characteristic of being a permitted hard rock lithium asset inside the U.S.” This partnership aims to bolster supply chains in North America.
Indicative Timetable
The Company has outlined a timetable for key dates, including the lodgement of the Cleansing Prospectus and expected reinstatement to official quotation on December 9, 2024, facilitating market trading of Placement shares.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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