Ann: Company Update, page-183

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:

1. (a) funding the drilling program for the Company’s Red Valley Lithium Project;
   
   
2. (b) identification and assessment of new opportunities;
   
   
3. (c) continuing to optimise the Company’s Batangas Gold Project in the Philippines; and
   
   
4. (d) to provide general working capital.
   

An Appendix 3B will follow.