PERTH (miningweekly.com) – ASX-listed junior Red Metal was hoping to raise some A$5.1-million through a share placement to fund the step-out drilling at the Maronan silver/lead project, in Queensland.
The company announced that it had received firm confirmation for the placement of about 30-million ordinary shares, at a price of 17c each to raise the capital.
Red Metal told shareholders that the step-out programme at Maronan would be aimed at evaluating the vertical and lateral continuity of the Cannington mine-style lead and silver mineralisation recently discovered below the northern fold structure.