{"id":55086,"title":"Bradda Head Lithium Secures 2 Point 12 Million Pounds to Advance Arizona Joint Venture with Rio Tinto","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2026-07-18T09:30:52+00:00","modified":"2026-07-18T09:30:52+00:00","canonical_url":"https://stockmark.it/bradda-head-lithium-secures-2-point-12-million-pounds-to-advance-arizona-joint-venture-with-rio-tinto/","markdown_url":"https://stockmark.it/bradda-head-lithium-secures-2-point-12-million-pounds-to-advance-arizona-joint-venture-with-rio-tinto.md","json_url":"https://stockmark.it/bradda-head-lithium-secures-2-point-12-million-pounds-to-advance-arizona-joint-venture-with-rio-tinto.json","category":"Minerals","categories":["Minerals","Mining"],"featured_image":"https://stockmark.it/wp-content/uploads/2026/07/ai-studio-image-8.avif","format":"news","language":"en-GB","content":"Bradda Head Lithium Ltd, the AIM-listed lithium development company with operations across North America, has completed a placing and subscription raising approximately £2.12 million before expenses. The capital raise involves the issue of 94.3 million new ordinary shares priced at 2.25 pence each, representing a modest discount of approximately 2 per cent to the previous closing price of 2.3 pence recorded on 16 July.\n\nThe proceeds are earmarked to finance the commencement of drilling activities at Whistlejacket, an Arizona-based lithium project being developed through a joint venture arrangement with Kennecott, the United States operating division of Rio Tinto. Additional capital will support exploratory drilling programmes at the company’s San Domingo pegmatite project and progress work towards producing NI 43-101 technical reports across the firm’s Arizona hard rock portfolio. The NI 43-101 standard, established by Canadian regulatory authorities, serves as the benchmark for verifying mineral resource estimates prior to commercial viability assessments.\n\nConcurrent with the equity fundraise, Bradda Head has arranged for the conversion of outstanding convertible loan notes totalling $1.87 million previously advanced by Galloway and Promaco. These loans will convert into 68.5 million ordinary shares at a conversion price of 2.03 pence per share, eliminating all debt from the company’s balance sheet. Galloway maintains indirect ownership through Jim Mellon, who serves as a director and holds the position of largest shareholder within the company. Promaco is controlled by executive chairman Ian Stalker. Galloway has separately subscribed for 32.9 million new shares as part of the broader capital raising.\n\nMembers of the board and senior management have exercised existing share options at strike prices of 1.5 pence and 2 pence, generating an additional £113,750 through the issue of 7.25 million shares. This brings total gross proceeds from the combined transactions to approximately £2.235 million. Stalker exercised 5 million options personally, with Promaco, Euan Jenkins and Alex Borrelli accounting for the remaining exercises.\n\nInvestors participating in the fundraise will receive one warrant for every two shares subscribed, exercisable at 5 pence per share over a two-year period. However, these warrants will not be admitted to trading on AIM. The company has indicated that a retail offer on equivalent terms will be launched imminently, providing United Kingdom-based private investors with an opportunity to participate in the capital raising.\n\nStalker commented that the funding would accelerate development work at both Whistlejacket and San Domingo, supporting the preparation of maiden mineral resource estimates and advancing the company towards a production decision targeted for early 2027.\n\nDue to their beneficial interests, Mellon and fellow director Denham Eke were recused from board deliberations concerning the subscription arrangements, which constitute a related party transaction under AIM Rules for Companies."}