THE BOURSE WHISPERER: Global Geoscience (ASX: GSC) is $53 million richer following the completion of an underwritten institutional placement.
Global Geoscience said the placement was heavily oversubscribed, saying this reflected strong support for the company from a combination of existing shareholders and new high-quality institutional investors, and their collective interest in the company’s 100 per cent-owned Rhyolite Ridge lithium-boron project in Nevada, USA.
Global Geoscience said the equity raising will provide the company with the necessary funding to accelerate the development of Rhyolite Ridge by funding the:
Completion of feasibility studies;
Drilling to infill and extend the current resource; and
Ongoing working capital and potential long lead time items.
“The Rhyolite Ridge Definitive Feasibility Study (DFS) and environmental approval process are anticipated to be complete by 2H19,” Global Geoscience said in its ASX announcement.