JOHANNESBURG (miningweekly.com) – TSX- and ASX-listed RTG Mining has received commitments to raise $15-million in a private placement, which the company said on Friday was “heavily” oversubscribed.
RTG noted that the strong demand for the placement reflected the quality of the high-grade, near-term copper/gold production opportunity at the Mabilo project and the exploration potential at the Mabilo and Bunawan projects, both in the Philippines.
RTG said it planned to use the net proceeds from the private placement to fund exploration and development at Mabilo and for exploration at Bunawan.
The private placement of about 33-million shares was priced at A0.60 a share, representing a 14.2% discount to RTG’s five-day volume-weighted average price on the ASX and a 7.6% discount to its 15-day volume-weighted average price.
The placement, led in Australia by Hartleys and co-managed by Taylor Collison, would close on July 22.