Adelong Gold (ASX: $ADG) raises $1.6 million for projects

Adelong Gold Limited (ASX: $ADG) has secured firm commitments to raise $1.1 million through a share placement and plans to offer eligible shareholders the opportunity to participate in a non-underwritten Share Purchase Plan (SPP) to raise an additional $500,000. The funds will be utilized to continue assessing production pathways for the existing Adelong gold mine and to advance the lithium exploration projects in Brazil.

Adelong Gold Managing Director's Comments

We are happy to announce this successful placement and the proposed SPP. The funds raised from this placement and the SPP will be utilized to continue assessing production pathways for the existing Adelong gold mine. In addition, following recent changes in management and the acquisition of licenses for lithium exploration in Brazil, we are now well-positioned to pursue these exciting opportunities.

Summary of Adelong Gold's Announcement

Adelong Gold Limited (ASX: $ADG) has received firm commitments to raise $1.1 million through a share placement and plans to offer eligible shareholders the opportunity to participate in a non-underwritten Share Purchase Plan (SPP) to raise an additional $500,000. The funds raised will be focused towards advancing the Brazil lithium projects, advancing the Adelong Gold Project, covering costs of the Placement and SPP, and general working capital purposes. The Company's recent acquisition of licenses for lithium exploration in Brazil positions it well to pursue exciting opportunities in the lithium sector. The Company aims to continue assessing production pathways for the existing Adelong gold mine and is optimistic about the potential for expansion and development in both the gold and lithium projects.