- RTG Mining (RTG) has received commitments to raise US$6 million (A$9.2 million) via a private placement
- Approximately 162 million Chess Depository Instruments will be issued to Australian and international institutional and sophisticated investors at a price of A$0.057 each
- The money raised will be used to finalise the mining licence permitting for the Mabilo Project, as well as advancing it towards start-up
- RTG Mining is up a steady 20.7 per cent and shares are trading for seven cents each
RTG Mining (RTG) has received commitments to raise US$6 million (approximately A$9.2 million) via a private placement.
Approximately 162 million Chess Depository Instruments (securities) will be issued to Australian and international institutional and sophisticated investors at a price of A$0.057 each.
This price represents a slight 1.7 per cent discount to RTG Mining’s last closing price of A$0.058.
The placement will be completed in two phases, with phase one comprising of the issue of 60,128,550 securities to raise US$2.2 million. This phase will be completed on or around May 29.
Phase two will see the issue of 102,422,120 securities to raise the remaining US$3.8 million. However, this is subject to shareholder approval at a meeting of shareholders that is expected to be held in July.
RTG Mining will use the money raised from the private placement to finalise the mining licence permitting for the Mabilo Project, as well as advancing it towards start-up.
The money will also go towards pursuing new business development opportunities, partial repayment for the corporate loan facility, and general working capital.
RTG Mining is up a steady 20.7 per cent and shares are trading for 7 cents each at 2:02 pm AEST.