From 09 Nov 16
RED MOUNTAIN RAISES $350,000 THROUGH OVERSUBSCRIBED SHARE PURCHASE PLAN
Red Mountain Mining Limited (ASX:RMX) is pleased to announce that it has raised $350,000 pursuant to the Company’s Share Purchase Plan (SPP) that closed on 3 November 2016. The Company has today issued 35,000,000 new shares at an issue price of $0.01 per share.
The SPP was significantly oversubscribed, demonstrating healthy support from shareholders. It is intended that the funds raised from the SPP will be applied towards:
An Appendix 3B will follow.
- (a) funding the drilling program for the Company’s Red Valley Lithium Project;
- (b) identification and assessment of new opportunities;
- (c) continuing to optimise the Company’s Batangas Gold Project in the Philippines; and
- (d) to provide general working capital.
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