Source: Red Mountain Mining
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  • Red Mountain Mining (RMX) has raised $1.6 million through a placement for its Mt Mansbridge heavy rare earths project in Western Australia
  • The company will issue about 178 million new shares at a price of $0.009 per share
  • The issue price represents a 19 per cent discount to the 15-day volume weighted average price immediately prior to the raising
  • Shares are trading 9.09 per cent lower at 1 cent each

Red Mountain Mining (RMX) has raised $1.6 million through a placement for its Mt Mansbridge heavy rare earths project in the Murchison Goldfield in Western Australia.

The company will issue about 178 million new shares at a price of $0.009 per share.

The issue price represents a 19 per cent discount to the 15 day volume weighted average price immediately prior to the raising

The funds will mostly be used for the company’s Mt Mansbridge heavy rare earths project, including the cobalt and nickel prospects, exploration on the company’s existing asset portfolio, review of potential new ventures and for working capital purposes.

The lead manager for the placement was Xcel Capital which will be paid 6 per cent of the funds raised and a management fee of $30,000.

Red Mountain will seek shareholder approval for the issue of up to 30 million unquoted director options and issue 30 million unquoted broker options under its Listing Rule 7.1 placement capacity.

These options will be exercisable at $0.015 each and will expire three years from the date of issue.

Shares were trading 9.09 per cent lower at 1 cent each at 3.10pm AEDT.

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