Resource Mining Corporation Ltd (ASX:RMI) has completed its $1 million dollar placement, sending out 20 million new fully paid ordinary shares at $0.05 per share to existing shareholders and new sophisticated investors.
The placement received strong support and funds will go towards:
- diamond drilling campaign at Liparamba Nickel Project in Tanzania,
- fieldwork and initial drilling at Kola Lithium Project in Finland,
- further exploration in Tanzania and Finland,
- general working capital, and
- payment of placement and entitlement offer costs.
”The capital raisings ensure the company is in a strong position to complete the exciting exploration programs currently in progress targeting sulphide nickel in Tanzania and lithium in Finland."
Entitlement offer
RMI will also undertake a partially underwritten non-renounceable entitlement offer to eligible shareholders to raise up to another $1 million.
The entitlement will consist of one fully paid ordinary share for every 27.29 fully paid ordinary shares held at an offer price of $0.05 per new share.
RMI will issue a maximum aggregate of 20 million new shares.
Executive chairman and major shareholder Asimwe Kabunga is partially underwriting 50% of the entitlement offer for a total of $500,000.
Proposed timeline
RMC expects that the entitlement offer will be conducted according to the following timetable:
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