- Redbank Copper (RCP) emerges from a trading halt, revealing its $4 million capital raise to fund its 2022 field season was strongly supported
- The funds were raised through a placement of more than 112 million new shares issued to institutional and sophisticated investors at 3.5 cents each
- The fresh capital will go towards exploration and associated study work at the company’s namesake project in the McArthur basin in the Northern Territory
- Redbank says it has secured all the necessary approvals to begin its field season, and mobilisation of a drill rig has commenced
- Shares resumed trade today and dropped 4.76 per cent to four cents at market close
Redbank Copper has emerged from a trading halt, revealing its $4 million capital raise to fund its 2022 field season was strongly supported.
The funds were raised through a placement of more than 112 million new shares issued to institutional and sophisticated investors at 3.5 cents each.
The issue price represents a 20.2 per cent discount to the 15-day volume weighted average price.
Subject to shareholder approval, the directors of the company will take 2.8 million shares which make up $100,000 of the placement.
The funds are set towards exploration and associated study work at the company’s namesake project in the McArthur basin in the Northern Territory.
Mobilisation of a drill rig has begun and Managing Director Hugh Thomas said with the funding secured and all work approvals in place, the contracted rig crews are soon to be very busy.
“The technical team has worked very hard over the past months in preparation to commence with on ground activities as soon as weather permits,” he said.
“I am delighted to invite all new shareholders to the Redbank register as part of this placement, and also thank existing shareholders who contributed to in what we believe will be an exciting year for Redbank.”
Argonaut acted as Sole Lead Manager to the capital raising.
Company shares resumed trade today and dropped 4.76 per cent to four cents apiece at market close.