Finance closingA direct cut an paste from Grandich's site.
I’m told Rodinia Lithium’s $5 million financing is anticipated to close on Friday. The Company says it’s prepared to make the most of the fall and winter seasons. Closing the financing should shore up the balance sheet and help lift the overhang we’ve seen on the stock for the duration of the summer. RM can then aggressively move forward with its exploration program at Diablillos in Argentina and can continue discussions with strategic partnership groups without a sense of desperation overhanging. More specifically:
- The Diablillos Project (Argentina)
RM has an active reverse circulation drill program ongoing. The Company has permitted up to 35 RC drill holes targeting depths of 75 to 200 meters with a view of testing the 2.5 km by 4.0 km high-grade, near-surface zone they defined at the beginning of the summer at depth. The drilling is also intended to be used to define a resource estimate on the property by the end of the year. The Company is completing its 5th hole in the program and has yet to report any results from the first set of holes. I expect strong news flow from this project in the coming weeks, both in terms of the volume of release and materiality. Management at RM has also suggested that they are unlikely to need all 35 holes to define a resource.
RM has also brought a re-tooled auger drill back to site to finish the near-surface exploration on the property. The previous equipment was not configured properly to drill through the harder surface areas that exists outside the nucleus. There is potential that RM could increase the size of their previously defined high-grade zone.