Red Mountain raises cash for US project

ASX-listed junior Red Mountain Mining will raise A$1.75-million to progress its Red Valley lithium project, in the US. The company on Friday announced the placement of some 23.3-million shares, at 2.9c each, under its placement capacity, with a further 34.6-million shares to be placed at 3.1c each, as approved by shareholders at the company’s annual general meeting last year.