- Resolution Minerals (RML) is looking to raise up to roughly $2.7 million to advance its projects
- The company received firm commitments from investors to raise $1.86 million through a placement which will issue 155 million shares at 1.2 cents
- Resolution will allow eligible shareholders to acquire options at 0.2 cents to raise a further $820,000 through an entitlement offer
- Specifically, the funds will support drilling and milestone payments for the 64North project in Alaska, as well as exploration at the Carrara Range project in the NT
- RML shares are down 7.14 per cent to trade at 1.3 cents at 2:24 pm AEST
Resolution Minerals (RML) gets firm commitments from institutional and sophisticated investors to launch a placement.
The placement will raise $1.86 million through the issue of roughly 155 million shares priced at 1.2 cents each.
Placement participants will be offered on option for every one new share subscribed for. These options may be exercised at 1.5 cents each and will expire on July 31, 2025.
Resolution will also aim to raise a further $820,000, through a non-renounceable entitlement offer to acquire options at 0.2 cents.
The materials stock plans to use the funds from the placement and entitlement offer for drilling at the Tourmaline Ridge prospect within the 64North project as well as to make milestone payments required to earn a 51 per cent interest in the Alaska-based project.
The company will also use the money for exploration at the Carrara Range project in the Northern Territory, and for general working capital.
Recently, Resolution signed a farm-in joint venture deal with Oz Minerals (OZL) who’ll spend $4 million on exploration over the next five years to earn a 51 per cent stake in RML’s Benmara project in NT.
The company is pleased it is now fully funded to advance three of its projects.
RML shares were down 7.14 per cent to trade at 1.3 cents at 2:24 pm AEST.