Thomson Geer assists Red Dirt Metals on A$60 million capital raising

June 7, 2022

Thomson Geer is pleased to have advised lithium explorer and mine developer Red Dirt Metals Limited (ASX:RDT) on its successful A$60 million capital raising to further development of its flagship mining projects.The capital raising involves a two-tranche placement to raise A$55 million and a share purchase plan to raise up to an additional A$5 million.Red Dirt is focused on bringing high-quality, lithium-bearing pegmatite deposits located in Western Australia into production.The funds raised from the capital raise will be used to accelerate exploration, feasibility and development works at Red Dirt’s Mt Ida and Yinnetharra Lithium Projects.The Thomson Geer team was led by Partner Michael Bowen, who said: “We would like to congratulate David Flanagan and the Red Dirt team on their successful capital raising and look forward to seeing the Company continue its feasibility and development activities in Western Australia.”Michael was supported by Lawyer Sarah Urquhart. Canaccord Genuity (Australia) Limited and Bell Potter Securities Limited acted as joint lead managers to the placement.Red Dirt Chairman David Flanagan said in a statement: “Red Dirt is now very well-funded to undertake a substantial program of feasibility and development activities combined with accelerated exploration across both the Mt Ida and Yinnetharra Lithium Projects. The funds raised will drive our growth plans for 2023.”

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