ann. out : renounceable rights issue, page-16

Target to raise is $2,294,331.89, based on the assumption that all shareholder take up their rights in full. I don't think this target will be reached with the current SP at around the rights issue price.

There is no incentive (short-term) to subscribe. I won't, and I suspect many other won't. Don't like throwing good money after bad.

They should have announced the rights issue earlier before they got so low on cash.


The Directors of Resource Mining Corporation Limited (“RMC”) are pleased to announce
that a pro-rata renounceable rights issue of one (1) new share for every ten (10) shares
held, will be made to shareholders of the Company at the issue price of 5.3 cents per
share to raise $2,294,331.89 before expenses ("Rights Issue"). The funds raised from the
Issue will be used primarily to continue our exploration programme on the Wowo Gap
Project in PNG and increase working capital.