Business
Corporate Update - Drilling for Equity Program MoU
Corporate Update - Drilling for Equity Program MoU.
About this update from Atlantic Lithium Limited.
[{"type":"text","content":"\n \nRNS Number : 3673I IronRidge Resources Limited 08 August 2019 \n\n08 August 2019\n \nIronRidge signs MoU with GeoDrill for Drilling for Equity Program \nFor Up to US$4m or 40,000m of Drilling\nAcross its African Exploration Portfolio\n \nIronRidge Resources Limited (AIM: IRR, \"IronRidge\" or the \"Company\"), the African focussed minerals exploration company, is pleased to announce that it has entered into a binding Memorandum of Understanding (\"MoU\") with GeoDrill Limited (TSX: GEO, \"GeoDrill\") for a drilling for equity program of up to US$4 million, or 40,000m of drilling. The drilling programs will take place across all the Company's gold and lithium portfolios throughout Africa.\n \nGeoDrill, established in 1998, is a leading exploration drilling Company with a fleet of 67 drill rigs operating in Africa. The Company has operations is Ghana, Burkina Faso, Côte d'Ivoire, Mali, and Zambia.\n \nHIGHLIGHTS:\n \nØ Drilling contractor GeoDrill commits up to US$4m drilling for equity program to deliver up to 40,000m of drilling across IronRidge's gold and lithium portfolio of assets\nØ IronRidge to advance all projects across Ghana, Côte d'Ivoire and Chad, whilst maintaining cash resources \nØ MoU based on competitive quotation process which provides for the issue of ordinary shares in IronRidge for 50% of the drilling cost up to a value of US$4m in two US$2m stages\n \nØ IronRidge will benefit from GeoDrill's extensive experience operating throughout West Africa \nØ IronRidge to maintain exploration momentum on its asset portfolio; with drilling currently underway in Ghana and drill planning underway for Côte d'Ivoire and Chad\nCommenting on today's announcement, IronRidge's Chief Executive Officer, Vincent Mascolo, said: \n\"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.\n \"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.\n\"GeoDrill's support endorses the IronRidge exploration business model, our commodity and jurisdictional portfolios and the team...