Riedel Resources (ASX: RIE) has received firm commitments for a two-tranche placement to raise approximately AU$1.0 million (before costs) at AU$0.025 per share, with strong participation from both new and existing investors. The placement includes Tranche 1, raising ~AU$347,000 under ASX Listing Rules 7.1 and 7.1A, and Tranche 2, raising ~AU$653,000 subject to shareholder approval at a General Meeting scheduled for July 2025. Additionally, the Company will offer a Share Purchase Plan (SPP) to eligible shareholders to raise to AU$0.3 million, also at AU$0.025 per share.
Chairman Scott Cuomo highlighted the rising gold prices and heightened regional exploration in the southwest USA as catalysts enhancing the value of Riedel’s high-grade Tintic deposit at the Kingman Project in Arizona. The funds will support continued exploration and studies at Kingman, including assessing local processing options.
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