Ferruginous Siliceous Laterite. Source: Resource Mining
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Resource Mining (RMI) taps investors for $500,000 to fund preparation work at the Kabulwanyele nickel project in Tanzania
  • Earlier this month RMI identified a coincident nickel and cobalt anomaly from soil and rock chip samples over a mapped laterite during its initial exploration program
  • To follow up the results, RMI is planning a drilling program to test mineralisation limits
  • More than 31.2 million shares will be issued at 1.6 cents each through two tranches, the second of which is dependent on shareholder approval
  • Shares have been trading grey at 2 cents

Resource Mining (RMI) has tapped investors for $500,000 to fund preparation work at the Kabulwanyele nickel project in Tanzania.

The project is owned by Eastern Nickel Tanzania, a subsidiary of Eastern Nickel, which was recently acquired by Resource Mining. Kabunga Holdings holds a 25 per cent interest in Eastern Nickel.

Earlier this month, RMI identified a coincident nickel and cobalt anomaly from soil and rock chip samples over mapped laterite during its initial exploration program.

According to Chairman, Bill Mackenzie, the company is excited by the results and said follow-up exploration is required. In particular, he said a drilling program will be undertaken to test mineralisation limits.

This capital raise will fund preparation work for exploration programs for the 2022 field season, and will also be used for debt servicing and working capital.

More than 31.2 million shares will be issued at 1.6 cents each. The shares will be issued in two tranches, initially with 14,375,000, and then upon shareholder approval the remaining 16,875,000 will be issued.

Settlement of tranche one is anticipated on or before December 9.

Shares were trading grey at 2 cents.

RMI by the numbers
More From The Market Herald

" Latrobe Magnesium (ASX:LMG) progresses namesake plant in Q4

Latrobe Magnesium (ASX:LMG) progressed its namesake magnesium project in the December quarter.

" Live Verdure (ASX:LV1) partners with TruLife for US distribution

Food, skincare and nutraceutical company Live Verdure (ASX:LV1) has entered a non-executive national sales and distribution…
SECOS Group (ASX:SES) - CEO, Ian Stacey

" SECOS (ASX:SES) launches MyEcoBag and MyEcoPet through Pacchini

Sustainable packaging company, SECOS (ASX:SES) has launched MyEcoBag and MyEcoPet through Pacchini Sales and Distribution to…

" Solis Minerals (ASX:SLM) kicks off drilling at Mostazal copper project

Newly listed Solis Minerals (ASX:SLM) has hit the ground at its Mostazal copper project in Chile…