Placement has dragged out but has now completed
Iris Metals has finally completed an A$8 million placement for its work on lithium exploration and development programs in the Black Hills of South Dakota, USA.The placement, which priced new shares at 25c each, was first announced in mid-November but was held up by a delayed $2.5 million investment as part of the placement by NASDAQ-listed Stardust Power.Stardust is said to be working towards building a state-of-the-art lithium refinery and production facility in Oklahoma.
The Black Hills region is famous for lithium mining dating back to 1898, with lithium-bearing spodumene up to 8% Li₂O historically reported.The Beecher prospect is the most advanced target for Iris, with its combination of "deeper wide intercepts with mineralisation extending to surface … potentially represent a very low-cost mining operation".Iris is led by chairman Peter Marks and Denver-based Matt Hartmann.Shares in Iris were down 8.5% to 32c in morning trade.
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