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- Redstone Resources (RDS) has received firm commitments to raise $750,000 via a share placement much of which will be used to evaluate its new project
- Earlier this week the company announced it has entered a farm-in agreement to acquire up to 80 per cent of the HansTail Gold Project in Kalgoorlie, WA
- Redstone’s Program of Work has been approved and includes air core drilling and sampling to establish the gold endowment of HansTail to JORC 2012 status
- The company will also continue exploration efforts at its wholly-owned West Musgrave Project
- Redstone Resources shares were trading 20 per cent higher at 1.8 cents
Redstone Resources (RDS) has received firm commitments to raise $750,000 via a placement, to support the evaluation of its new gold project.
This includes commitments from several new sophisticated and professional investors, as well as board members, for which shareholder approval will be sought.
The placement will see Redstone issue more than 53.5 million shares at an issue price of 1.4 cents each.
Earlier this week the company announced it has entered a farm-in agreement to acquire up to 80 per cent of the HansTail Gold Project in Kalgoorlie, WA.
Funds from the placement will provide Redstone with additional working capital to continue works at its wholly-owned West Musgrave Project as well as to evaluate its new gold project.
HansTail is a large scale gold Tailings Storage Facility, located on the historic Hannans South Gold Milland.
Redstone’s Program of Work has been approved and it plans to commence this work in August once the exclusive due diligence period ends.
The program will include air core drilling and sampling to establish the average gold grade and endowment of HansTail in line with JORC 2012 mandatory reporting code.
Redstone Resources shares were trading 20 per cent higher at 1.8 cents at 12:25 pm.
