PERTH (miningweekly.com) – ASX-listed Rex Minerals has completed a A$9.5-million share placement to institutional and sophisticated investors.
The placement comprised 39.6-million shares, which were placed at 24c each under the company’s existing 15% placement capacity.
Rex said on Friday that proceeds from the placement will be used to fund pre-development, maintenance and tenure fees at its Hillside copper/gold project, in South Australia, for the repayment of loan facilities, and for corporate and administration fees.
“Copper and gold both have strong investment thematics, and Rex represents excellent exposure to both through its fully permitted and shovel-ready Hillside project in South Australia, and its low-cost heap leach Hog Ranch gold property in Nevada,” said Rex MD Richard Laufmann.
“In making this strategic and timely placement, Rex is very pleased to welcome further additional high-quality institutional investors to the company’s register.”
Rex recently nearly doubled the gold resource at the Hog Ranch project, announcing a combined mineral resource for the project of 2.2-million ounces.