PERTH (miningweekly.com) – ASX-listed junior Ram Resources is hoping to raise A$3.5-million through a share placement to advance its Keel zinc project, in Ireland.
The company on Thursday said it would issue some 70-million shares, at a price of 5c each, to sophisticated and institutional investors.
The placement will be completed in two tranches, with the first tranche of 22.7-million shares to be conducted under the existing placement capacity. The second tranche will be subject to shareholder approval.
The proceeds from the raising will be used to fund resource drill programmes at Keel, as well as the exploration of regional extensions, the maintenance of the existing project portfolio and for corporate expenditure.
“We are excited to commence our maiden drilling programme at the Keel zinc project, which is aimed at expanding the initial resource estimate and testing for potential extensions,” said Ram MD Bill Guy.
He said the company had identified a large zinc mineralisation system at Keel, with a high-grade zone that would be targeted during the drilling programme.