PERTH (miningweekly.com) – Junior miner RNI plans to raise some A$3-million in a share placement and entitlement offer to fund exploration activities at its copper and gold targets in the Bryah basin.
RNI told shareholders on Friday that the company had received firm commitments from institutional and sophisticated investors for some 125-million shares, at a price of 1.2c each, to raise an initial A$1.5-million.
The placement will be done under the company’s existing capacity.
An entitlement offer of one new share for every 11.5 shares held, priced at 1.2c each, to raise A$1.5-million, will be held.
Mining investor InvestMet has agreed to subscribe for A$1.2-million of the placement shares, giving the company a 7% holding in RNI post raising. InvestMet also intended to sub-underwrite the entitlement offer for an amount of up to A$500 000.
“We are pleased to welcome InvestMet as a substantial shareholder of RNI. We believe this investment by a highly experienced and successful mining investment group endorses the prospectivity and strategic value of RNI’s landholding in the Bryah basin,” said RNI executive director Debbie Fullarton.
“The funds raised will enable us to advance our exploration activities on key targets in the company’s highly prospective tenement package.”
Edited by: Creamer Media Reporter
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