- RTG Mining (RTG) has received commitments to raise US$10 million (A$14.09 million) through a private placement
- Institutional and sophisticated investors will be issued 158.4 million chess depositary instruments (CDIs) at 9 cents each
- RTG says the strong support received demonstrates the interest in the high-grade copper-gold-magnetite Mabilo project in the Philippines
- The funds will mainly support RTG’s associate company, Mt. Labo Exploration and Development Corporation, advance the Mabilo project towards start-up
- Company shares have ended the day down 16.7 per cent to trade at 10 cents
RTG Mining (RTG) has received commitments to raise US$10 million (A$14.09 million) through a private placement.
The company said the placement was strongly supported by institutional and sophisticated investors who’ll be issued 158.4 million chess depositary instruments (CDIs) at 9 cents each. This represents a 25 per cent discount to RTG’s last closing price of 12 cents.
Company directors have also announced their intention to subscribe for up to roughly 2.17 million securities under the private placement, subject to receiving shareholder approval.
RTG said the support demonstrated the interest in the high-grade copper-gold-magnetite Mabilo project in the Philippines.
The mining and exploration company will use the money to help its Philippines-based associate company, Mt. Labo Exploration and Development Corporation, advance the Mabilo project towards start-up as well as conduct a minor drilling program.
The money will also help with pursuing potential new business opportunities, to partially repay a loan facility, as well as for working capital.
The securities are expected to be issued on or around December 24.
Company shares ended the day 16.7 per cent to trade at 10 cents.