Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Resource and Investment (RNI) will raise up to A$6.22-million in a share placement and share purchase plan (SPP), the company announced on Thursday.
RNI would issue about 13-million fully paid shares to sophisticated investors, at an issue price of 7.5c a share, to raise the first A$975 000. The company would then raise an additional A$5.25-million through an SPP, allowing eligible shareholders to apply for up to A$15 000 in new shares.
The SPP shares would be offered at the same price as the share placement.
The funds raised would be used to accelerate exploration programmes at priority copper/gold targets within the Grosvenor project, in Western Australia, and to advance the company’s near-term gold production plans, RNI said.
“The board believes this increased exploration and drilling budget is warranted given the exceptional preliminary results achieved to date from priority targets along a 12 km regional trend, which also includes the Big Billy and Wodger prospects,” the company told shareholders.