Rapid Lithium Limited (ASX:RLL) Announces Placement of Entitlement Issue Shortfall
Shortfall Placement
Rapid Lithium Limited has received firm commitments to place the full AUD1,000,000 shortfall from its recent Non-Renounceable Entitlement Issue. The Shortfall Placement comprises 250,000,000 shares at $0.004 per share and includes a 3:2 free attaching option with 375,000,000 options exercisable at $0.017 each until 23 October 2027. Settlement is expected on Monday 24 February 2025, with issue and allotment the following day. Strata Holdings plc, one of the company’s largest shareholders, has elected to participate subject to shareholder approval at an upcoming Extraordinary General Meeting.
Funds Utilisation
The placement proceeds will be allocated towards exploration of new Gallium Germanium assets in British Columbia, Canada, acquired from Broadstone, as well as the company’s lithium projects in the USA and working capital.
Executive Comments
Managing Director Martin Holland stated, “I am pleased with the strong support the Company has received with the assistance of GBA Capital Pty Ltd in placing the shortfall from the recent Entitlement Issue. The funds will be applied towards exploration on the new Gallium Germanium assets in the process of being acquired in British Columbia, Canada, from Broadstone. Funds will also be used for exploration on the Company’s lithium projects in the USA as well as working capital. This puts Rapid in a strong position to capitalise on the positive outlook in these markets.”
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