- Red Mountain Mining (RMX) has tapped investors for an additional $400,000 in a follow up to an initial capital raise in October
- Funds are set to go towards a number of the company’s projects including the second phase of the Mount Maitland drilling campaign in WA and the Koonenberry Gold Project in NSW
- As it stands, RMX is set to receive a total of $760,000 across both the initial and additional placement with shares from both raises expected to be issued on or around January 28
- Xcel Capital is acting as lead manager on both placements and can claim a six per cent fee
- RMX shares are steady following the announcement, trading at 1.4 cents each
Red Mountain Mining (RMX) has tapped investors for an additional $400,000 in a follow up to an initial capital raise in October.
The base metals, energy and gold explorer said it received shareholder approval on December 8 last year to issue an additional 40,000,000 shares to professional and sophisticated investors at 1 cent each.
RMX announced it had received firm commitments back in October to raise $360,000 — before costs — via the issue of 30,000,000 shares at 1.2 cents each to the same level of investors.
As it stands, RMX is set to receive a total of $760,000 across both the initial and additional placement, with shares from both raises expected to be issued on or around January 28.
The funds are set to go towards the second phase of RMX’s drilling program at Mount Maitland in WA, the Mt Mansbridge Heavy Rare Earths Project in WA and the Koonenberry Gold Project in NSW as well as the Mukabi Kasiri project in
the Democratic Republic of Congo.
Xcel Capital is acting as lead manager on both placements and is exected to receive a six per cent cut of all funds raised as its fee.
According to the company, the additional placement shares will be placed in accordance with the company’s available capacity pursuant to Listing Rule 7.1 and will rank equally with existing RMX ordinary shares.
RMX shares are trading steady following the announcement, trading at 1.4 cents each at 12:58 pm AEDT.