- Redbank Copper (RCP) has completed a $7.43 million placement for exploration at its Redbank Project in the Northern Territory
- The company issued over 102.5 million shares to sophisticated investors at 7.25 cents
- This issue price represented a 17 per cent discount to Redbank's closing price of 8.7 cents on February 19
- According to an annual general meeting last year, if Redbank raised at least $5 million, it would be eligible to convert three million tranche one performance rights to company shares
- It will now issue one million shares each to Executive Chairman Michael Hannington and non-executive directors Daryl Henthorn and Keith Middleton
- Redbank Copper ended the day 13 per cent in the green to trade at 13 cents
Redbank Copper (RCP) has raised $7.43 million to progress exploration at its Redbank Project in the McArthur Basin of the Northern Territory.
Last month, Redbank received commitments to raise $7.43 million from new and existing sophisticated investors.
The company issued 102,530,138 shares to investors at 7.25 cents, which represented a discount of roughly 17 per cent to Redbank's closing price 8.7 cents per share on February 19, 2021.
During an annual general meeting held in November last year, Redbank was approved to issue three million tranche one performance rights if it raised at least $5 million after November 30 2020.
As Redbank has satisfied this criteria, it will now convert the performance rights to fully paid ordinary shares in the company and issue them to directors.
One million shares will each be issued to Executive Chairman Michael Hannington and non-executive directors Daryl Henthorn and Keith Middleton.
Redbank Copper ended the day 13 per cent in the green to trade at 13 cents at market close.