Reach Resources Limited (AU:RR1) has released an update.
Reach Resources Limited has successfully raised $822,595 through a rights issue, offering shareholders new shares and options, with additional funding expected from a priority offer pending shareholder approval. The company plans a capital consolidation on a 1 for 5 basis, subject to shareholder consent, aiming to apply the funds towards exploring their mineral projects and general working capital. This move is part of Reach’s broader strategy as a critical mineral explorer with interests in lithium, rare earth elements, and a patented technology for recycling rare earths from electronic devices.
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