- Resource Mining (RMI) enters a trading halt in relation to an upcoming capital raising
- The company will remain in the halt until Thursday, June 16 or when further details are released, whichever occurs first
- On June 7, RMI announced it had secured an exclusive option to acquire one nickel and two lithium projects in Finland
- The company has now entered a 120-day option to acquire the sole legal entity and owner of the projects, Element92, and complete due diligence
- Shares in RMI last traded at 13.5 cents on June 9
Resource Mining Corporation (RMI) has entered a trading halt in relation to an upcoming capital raising.
The company will remain in the halt until Thursday, June 16 or when further details are released, whichever occurs first.
RMI is yet to disclose how much it intends to raise or what it will use the funds for once received.
On June 7, RMI announced it had secured an exclusive option to acquire one nickel and two lithium projects in Finland.
The Roussakero nickel project was discovered in the 1980s and 70 per cent of the mineralisation remains undrilled.
Up to 1.16 per cent nickel has been previously intersected, providing further exploration potential.
The Hirvikallio lithium project lies in the Somero-Tamela area which the Finish Geological Survey believes to be one of the most economically promising lithium pegmatite provinces in the country.
Initial exploration returned five metres at 2.3 per cent lithium oxide and two metres at 1.33 per cent lithium oxide.
The Kola lithium project lies in the most significant lithium-mining region in Finland with previous work identifying multiple spodumene-containing pegmatite boulders.
RMI has entered a 120-day option to acquire Element92, a Singaporean entity which is the sole legal and beneficial owner of the projects.
During the option period, RMI will undertake due diligence to assess the projects and negotiate the terms of the acquisition if it chooses to proceed.
In consideration for the option and exclusivity, RMI will issue 2.5 million fully-paid ordinary shares to Element92.
Shares in RMI last traded at 13.5 cents on June 9. The company has a $54.76 million market cap.