The Global Geoscience Limited (ASX: GSC) share price has been amongst the best performers on the market today.
In afternoon trade the mineral exploration company's shares are up 4.5% to 23 cents.
Why are its shares higher?
This morning the company announced that it has successfully raised $30 million via a heavily oversubscribed institutional placement.
The funds were raised at 20 cents per share, just 9% lower than the last close price.
The successful placement means that Global Geoscience is now fully funded to advance the Rhyolite Ridge Lithium-Boron project through to completion of its pre-feasibility study, development of pilot plant, and the commencement of the definitive feasibility study.
Management believes that this capital raising and the recent agreement securing exclusive long-term water rights, significantly de-risks the project.
Judging by the market's reaction today, it appears that investors agree with this view.
