IronRidge Resources Limited (DI) (IRR)

Sector:

Mining

Index:

FTSE AIM All-Share

13.00p
   
  • Change Today:
      0.25p
  • 52 Week High: 24.50
  • 52 Week Low: 12.25
  • Currency: UK Pounds
  • Shares Issued: 312.29m
  • Volume: 130,241
  • Market Cap: £40.60m

IronRidge Resources enters drilling-for-equity deal with GeoDrill

By Josh White

Date: Thursday 08 Aug 2019

LONDON (ShareCast) - (Sharecast News) - Africa-focussed mineral exploration company IronRidge Resources has entered into a binding memorandum of understanding with GeoDrill for a drilling-for-equity programme of up to $4m, or 40,000 metres of drilling, it announced on Thursday.
The AIM-traded firm said the drilling programme would take place across all if its gold and lithium portfolios throughout Africa.

It said the memorandum was based on a competitive quotation process, which provided for the issue of ordinary shares in IronRidge for 50% of the drilling cost, up to a value of $4m in two $2m stages.

IronRidge said it would benefit from GeoDrill's "extensive experience" operating throughout western Africa, and added that it would allow the company to maintain exploration momentum on its asset portfolio; with drilling currently underway in Ghana and drill planning underway for Côte d'Ivoire and Chad.

"We are delighted to announce that the agreement with GeoDrill secures access to expert drilling capabilities, which will allow the company to effectively advance its portfolios, whilst helping preserve cash resources," said IronRidge chief executive officer Vincent Mascolo.

"GeoDrill brings decades of operational expertise throughout West Africa and, with operational centres in both Ghana and Côte d'Ivoire, provides excellent synergies with the company's current jurisdictions of focus."

Mascolo said GeoDrill's support "endorsed" the IronRidge exploration business model, its commodity and jurisdictional portfolios, and its team.

"We look forward to working closely with GeoDrill as we progress our portfolios."

Dave Harper, chief executive officer of GeoDrill, added that having previously worked with IronRidge on its Cape Coast Lithium project and Côte d'Ivoire Gold projects, his company understood the exploration business model, making it an "easy decision" to partner with IronRidge.

"We see significant upside in IronRidge's asset portfolio, we understand Ghana and Côte d'Ivoire well, and we believe that IronRidge has the right commodity and jurisdiction diversification, with gold and lithium being well positioned at this time.

"We have a high degree of confidence in IronRidge's executive management team and board, and we look forward to working with them as we advance their exploration programmes in Africa."

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

IRR Market Data

Currency UK Pounds
Share Price 13.00p
Change Today 0.25p
% Change 1.96 %
52 Week High 24.50
52 Week Low 12.25
Volume 130,241
Shares Issued 312.29m
Market Cap £40.60m

IRR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
32.12% below the market average32.12% below the market average32.12% below the market average32.12% below the market average32.12% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average
Price Trend
78.87% below the market average78.87% below the market average78.87% below the market average78.87% below the market average78.87% below the market average
64.71% below the sector average64.71% below the sector average64.71% below the sector average64.71% below the sector average64.71% below the sector average
Income Not Available
Growth
3.95% below the market average3.95% below the market average3.95% below the market average3.95% below the market average3.95% below the market average
Sector averageSector averageSector averageSector averageSector average

IRR Dividends

No dividends found

Trades for 18-Oct-2019

Time Volume / Share Price
16:05 70,000 @ 12.95p
15:59 60,000 @ 12.80p
16:06 10,000 @ 13.06p
16:06 10,000 @ 13.06p
16:00 40,000 @ 12.80p

IRR Key Personnel

CEO Vincent David Mascolo

Top of Page