- Materials stock Rex Minerals (RXM) raises $50 million through a two-phase placement
- The placement was launched on August 4 and consists of a $5.3 million unconditional placement and a $44.7 million conditional placement
- The first phase has been completed with $5.3 million raised while phase two is subject to shareholder approval
- Rex will use the money to fund pre-development activities at its Hillside Copper Project and continue exploration activities at Hog Ranch
- Shares in Rex are down 16.7 per cent on the market and are trading at 30 cents at 12:47 pm AEST
Materials stock Rex Minerals (RXM) has successfully raised $50 million through a two-phase placement.
The company launched the placement on August 4, which consists of a $5.3 million unconditional placement and a $44.7 million conditional placement.
The placement was well supported with strong demand received from existing institutional, professional and sophisticated shareholders.
The first phase has been completed with 17.8 million new fully-paid ordinary shares issued priced at 30 cents.
Phase two is subject to shareholder approval and will see the issue of a further 148.8 million shares at 30 cents to raise a further $44.7 million.
Rex will use the money to fund pre-development activities at its Hillside Copper Project and continue exploration activities at Hog Ranch.
CEO and Managing Director Richard Laufmann said it was a significant milestone for the company and for the development of the Hillside Copper Project.
“The funds raised place the company in a great position to begin pre-development at Hillside whilst progressing towards a final investment decision for stage one late next year, as well as pursuing additional value at Hog Ranch,” Mr Laufmann said.
Shares in Rex were down 16.7 per cent on the market and were trading at 30 cents at 12:47 pm AEST.