So you are saying they are using that money on drilling Vuzel...

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tobiasroy

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26/03/25

11:55

Post #: 78420609
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Originally posted by Silent-Bubbles: ↑

Mate, the explanation of where the proceeds will be used is stock standard requirement and in the announcement regarding the Institution placement 18th October 2024 as follows :-

Raiden Resources Limited (ASX: RDN) (“Raiden” or “the
Company”) is pleased to announce that it has completed the
placement of 312,500,000 fully paid ordinary shares (Shares) at 3.2c per
Share raising $10M (before costs).
The Placement was strongly supported by sophisticated, professional
and institutional investors .

Mr Dusko Ljubojevic, the Managing Director of Raiden
commented “We are once again thankful to all the investors for their
support in this last raise and we look forward to realising the value from
the Company’s portfolio.”

Proceeds from the Placement have provided further funding to
advance beyond the initial planned drilling activities at the Company’s
Andover North and Andover South lithium Projects(for up to 15,000m
of drilling), the Vuzel Gold Project (for up to 3,000m of drilling) and
working capital.

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So you are saying they are using that money on drilling Vuzel and Andover, what do you estimate the cash balance to be today as an opinion. Have they burnt through the best part of $10m since the 1st of January do you think.

RDN Price at posting: 0.5¢ Sentiment: Hold Disclosure: Held
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