Iceni Gold Raises AU$2.75 million for Gold and Lithium Drilling

Iceni Gold Limited (ASX: ICL) has successfully raised AU$2.75 million through a heavily oversubscribed capital raise, with significant commitments from the board and management, pending shareholder approval. These funds will fuel RC drilling initiatives at various gold and lithium prospects, including Guyer, Everleigh Well, Breakaway Gold, and the newly identified Monument Lithium anomaly, spanning 10km by 2.5km. As part of this strategic shift, Iceni welcomes Mr. George Karageorge as its new Managing Director. A founding geologist at Pilbara Minerals, Karageorge was instrumental in the discovery of the Pilgangoora lithium deposit in 2014.

He will also contribute AU$250,000 to the capital raise, subject to shareholder approval. Brian Rodan, the current Executive Chairman, will transition to Non-Executive Chairman over a 3-month handover period, pledging AU$100,000 to the capital raise, and Technical Director David Nixon will assume the role of General Manager of Exploration. RC drilling is slated to begin in late September, initially focusing on gold and lithium targets at Breakaway and Monument, with Guyer and Everleigh to follow in the December quarter. The capital was raised with 31.28 million shares at AU$0.07 per share, including options exercisable at AU$0.105 each, and will be used for drilling activities, working capital, and placement costs.

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