Rift Valley raises $5.5m

Rift Valley Resources has tapped investors for $5.5 million as the company continues exploration work at its Longonjo rare earths project in Angola.

Under the placement, Rift has issued 366.6 million shares at 1.5 cents each with Ashanti Capital acting as lead manager to the raising.

The company said the funds would be used on exploration and drilling work at Longonjo, along with general working capital.

Chairman Paul Atherley said drilling would begin next month.

“We are targeting an increase in the size of the resource that will rank Longonjo as one of the largest NdPr projects in the world, linked by world class infrastructure to a major Atlantic port,” he said.

“We very much look forward to keeping you informed of the results from this exciting program.”

Shares in Rift finished up 5.88 per cent at 1.8 cents each today.