Morella Corporation Raises $2.1 Million for Drilling at Mt Edon Rubidium-Lithium Project
Morella Corporation Limited has secured A$2.1 million through a placement of 52.5 million shares at A$0.04 each. The funds will advance drilling at the Mt Edon Rubidium-Lithium Project and support exploration at other projects. Drilling has commenced and will involve 3,000 metres of Reverse Circulation drilling. Results are expected over the next three weeks, with tranche settlements in February and April 2026.
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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.
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