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  • Rafaella Resources (RFR) has successfully completed a placement and raised approximately $1.2 million
  • The funds were raised through the issue of 17.6 million shares to sophisticated investors at 6.6 cents - representing a 14 per cent discount to the 15-day volume-weighted average price
  • Rafaella will use the funds for its Santa Comba Tungsten project in Spain and its recently acquired Canadian nickel-copper assets
  • In particular, the company will aim to increase the resource base at Santa Comba and undertake a heli-electromagnetic survey at its Canadian projects
  • Rafaella is up 3.03 per cent on the market and shares are trading at 6.8 cents

Rafaella Resources (RFR) has successfully completed a placement and raised approximately $1.2 million.

The company entered a trading halt on Monday but did not disclose how much it intended to raise or what the funds would be used for once received.

The funds were raised via the issue of 17.6 million shares to sophisticated investors at 6.6 cents.

This price is equal to Rafaella's last closing price on December 22, and a 14 per cent discount to the 15-day volume-weighted average price.

Rafaella will use the funds to begin work to further advance the Santa Comba Tungsten project in Spain and its recently acquired Canadian nickel-copper assets.

In particular, the company will undertake drilling at Santa Comba to increase the resource base and scale of the project by targeting known mineralisation in and around the existing reserves.

Santa Comba has a current resource of 10.61 million tonnes at 0.17 tungsten trioxide and 154 parts per million tin.

Rafaella will also undertake an eight-tonne bulk sample of near-surface ore to focus on enhancing recoveries. A 70 per cent recovery has already been determined.

In regards to its Canadian assets, Rafaella intends to fly a low-frequency heli-electromagnetic survey in Q1 2021.

"The support of our investor base and the addition of some new long-term investors is much appreciated as we look to advance two very exciting project, providing us with a strong program for the start of 2021," Managing Director Steven Turner said.

Rafaella is up 3.03 per cent on the market and shares are trading at 6.8 cents at 2:13 pm AEDT.


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