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Rainmaker Resources plans to raise up to $750,000

Thursday, March 9, 2017 4:17
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Mining firm Rainmaker Resources Ltd (CVE:RIR) announced plans to raise up to $750,000 via a placing.

The firm will issue 15mln shares at $0.05 a share.

Rainmaker controls the option to acquire the Sarcobatus Flats lithium project in Nevada, which is near the only producing lithium mine in the United States, while it also currently owns a 12.5% joint venture interest in Dufferin Lake – a uranium asset in the Athabasca Basin of Saskatchewan.

Earlier this month, the company said it had hired Daniel Vinegar as its new chief financial officer, greeted with full-year accounts showing a shrinking loss, as well as reported that its Sarcobatus Flat high-grade lithium project in Nevada is advancing toward a preliminary economic assessment (PEA).

New CFO Vinegar brings a unique background, including as a controller for a high-growth tech firm, which seeded and incubated a portfolio of start-ups.

He also worked as a financial adviser for Manulife, in addition to a position as a senior financial analyst for a multimillion-dollar import-export group in Toronto. Predecessor Matthew Wright has resigned.

Story by ProactiveInvestors


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