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Nevada lithium-boron company in $40M raise

A scintillating market run that’s seen Global Geoscience’s (ASX: GSC) shares rise from less than A1c to as high as A52.5c over the past two years has been further confirmed with a A$53 million (US$40 million) underwritten institutional placement unveiled that’ll provide the funds to complete various work programs and feasibility studies at its Rhyolite Ridge lithium-boron project in Nevada.

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Rhyolite Ridge in Nevada.

The fundraising will issue new shares at A41c each and is underwritten by Citigroup, with Global Geoscience's cash balance to increase to A$85 million.