Kidman raises $21m for gold, lithium exploration

Junior miner Kidman Resources has tapped investors for $21 million to fund exploration work at its gold and lithium deposits in the Goldfields.

Kidman raised the funds through the placement of 73.7 million shares at 28.5 cents each, with the offer heavily supported by domestic and international institutional and sophisticated investors.

“Proceeds from the placement will be used to fund an accelerated exploration program at the company’s Mt Holland project, including comprehensive drilling programs at the Earl Grey lithium deposit and the Blue Vein gold deposit,” the company said in a statement.

“Proceeds will also be used to strengthen the company’s balance sheet and for working capital purposes.”

Hartleys acted as lead manager to the placement, with PAC Partners acting as co-manager.

Kidman shares were 4.7 per cent lower to 30 cents each at midday.