Cambridge

IronRidge Resources calls EGM to rubberstamp equity funding

IronRidge Resources Ltd (LON:IRR) has called an extraordinary general meeting to seek shareholder approvals that will enable management to conduct a previously announced private share sale.

The company, in a statement, noted that the existing company constitution requires it to offer new securities first to existing shareholders.

IronRidge is now seeking, under resolution 7 of the EGM, to get authorisation to issue shares without this pre-emption.

READ: IronRidge announces £4.75mln placing to fund Zaranou project

“It is the company's view that it can raise capital in a cost-efficient and timely manner by carrying out a private placement instead of an offer of equity securities to all existing shareholders where the costs of compliance with relevant securities laws would be much greater,” the company said in a statement.

Other resolutions put forward for the EGM relate to share warrants and director share options.

On May 11, Ironridge announced it had raised £4.75mln through a conditional share placing, with tRead More – Source