"Redcliffe Resources Limited (ASX Code: RCF), has raised a total...

"Redcliffe Resources Limited (ASX Code: RCF), has raised a total of $200,000 before costs by the placement of 40,000,000 shares at an issue price of 0.5 cents per share to sophisticated investors. The placement will be undertaken in two parts. The first will be an immediate allotment of 32,000,000 shares for $160,000 to be issued pursuant to the Company’s placement capacity under ASX Listing Rule 7.1 for 21,355,815 shares and under the Company’s additional 10% placement capacity pursuant to ASX Listing Rule 7.1A for 10,644,185 shares. The remaining $40,000 has been raised from a Related Party for which Shareholder approval to issue 8,000,000 shares will be sought at General Meeting to be called shortly. Shareholder approval to refresh the placement capacity will also be sought at that meeting. The funds are to be applied to exploring the Redcliffe Gold Project and conducting deep drilling at the Kelly Prospect to be co-funded by the WA Department of Mines and Petroleum under an Exploration Incentive Scheme and for working capital."
Could be worse. At least someone reckons it's worth .005c. Pump coming sometime.