ASX- and TSX-listed RTG has received commitments to raise about $6-million, or A$9-million, in a private placement to Australian and international investors.
“The private placement received strong institutional support, demonstrating the considerable interest in RTG’s interest in the high-grade copper/gold/magnetite Mabilo project, in the Philippines, and our other potential opportunities,” RTG states.
The private placement will result in the issue of about 162-million chess depository instruments to be listed on the ASX at an issue price of A$0.057 apiece, compared with RTG’s last closing price of A$0.058 apiece on May 21.
The company will use the net proceeds of the private placement mainly towards finalising a mining licence application for the Mabilo project, as well as advancing the project towards startup.