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Resolution Minerals (ASX:RML) - Managing Director, Duncan Chessell
Managing Director, Duncan Chessell
Source: Resolution Minerals
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  • Resolution Minerals (RML) has received firm commitments to undertake a $3.25 million placement
  • More than 116 million shares will be issued to sophisticated investors at 2.8 cents
  • Subject to shareholder approval, participants will receive one new option for every two shares subscribed for, exercisable at 4.2 cents and expiring one year from issue
  • Once received, Resolution will use the funds to test high priority drill targets at the Sunrise and East Pogo prospects within the 64North Project in Alaska
  • Additionally, the company will undertake geophysics and drill testing at its Wollogorang and Benmara projects in the Northern Territory
  • Resolution has ended the day 9.09 per cent in the red with shares trading at 3 cents

Resolution Minerals (RML) has received firm commitments to undertake a $3.25 million placement.

All up, 116,071,443 shares will be issued to sophisticated investors at 2.8 cents.

Subject to shareholder approval, participants will receive one new option for every two shares subscribed for, exercisable at 4.2 cents with expiry one year from the date of issue.

Resolution has already received cornerstone support totalling $2 million from Fresh Equities.

Once received, Resolution will use the funds to test high priority drill targets at the Sunrise and East Pogo prospects at the 64North Project in Alaska.

Additionally, the company will undertake geophysics and drill testing at its Wollogorang and Benmara projects in the Northern Territory.

“The funds will be directed to drill testing large-scale potential gold and copper prospects across the company’s portfolio of projects in Alsaka and Australia,” Managing Director Duncan Chessell commented.

“We will also be generating new targets on the copper-cobalt Wollogorang and Benmara Projects in Australia,” he added.

Resolution has ended the day 9.09 per cent in the red with shares trading at 3 cents in a $9.651 million market cap.

RML by the numbers
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