- Red Mountain Mining (RMX) has issued over five million shares as part of a marketing agreement with S3 Consortium
- 5.5 million fully paid ordinary shares were issued in accordance with an investor awareness and marketing agreement with S3 Consortium, trading as StockDigital
- The company has also received firm commitments from sophisticated and professional investors to raise $800,000 via the issue of unsecured convertible notes
- The funds raised from the convertible notes will be used to progress exploration activities across the company’s projects in WA and NSW, plus general working capital
- Red Mountain Mining shares are up 36.8 per cent, trading at 1.3 cents
Red Mountain Mining (RMX) has issued over five million shares as part of a marketing agreement with S3 Consortium.
Red Mountain Mining is a gold exploration-focussed company in Australia, with a copper-cobalt project in the Democratic Republic of the Congo.
The company issued 5.5 million fully paid ordinary shares in RMX in accordance with an investor awareness and marketing agreement with S3 Consortium, trading as StockDigital.
The shares are being issued at $0.015 per share, marking a 66.6 per cent premium to the last traded price.
Additionally, the company has received firm commitments from sophisticated and professional investors to raise $800,000 via the issue of unsecured convertible notes, at a value of $1.
The convertible notes will be conducted in two tranches. The first is set to raise $500,00, and the second a further $300,000, issued up to 90 days after the first.
A 1-for-3 free attaching option will be issued to noteholders on conversion at a price of $0.011, expiring in October 2022.
The funds raised from the convertible notes will be used to progress exploration activities across the company’s projects in WA and NSW, plus general working capital.
Red Mountain Mining shares are up 36.8 per cent, trading at 1.3 cents at 11:45 am AEST.