Morella Corporation Raises $2.1 Million for Drilling at Mt Edon Rubidium-Lithium Project
Morella Corporation Limited (ASX:1MC) has raised A$2.1 million through a placement, issuing approximately 52.5 million shares at A$0.04 each. The placement attracted support from institutional and professional investors, including major shareholder Interra Resources Limited.
Funds will be used for drilling at the Mt Edon Rubidium-Lithium Project, exploration at the Mallina and Tabba Tabba Projects, and general corporate costs. Drilling has commenced at Mt Edon under a Joint Venture with Elevra Lithium, targeting 3,000 metres to enhance mineralisation understanding.
The program will take around three weeks, with assay results released progressively. Tranche 1 settlement is on 26 February 2026, and Tranche 2 requires shareholder approval in late April 2026.
