Capital Raising
The Company further advises that it has received firm commitments from professional and sophisticated investors to raise $500,000 at an issue price of 0.5 cents per share (Placement), which represents a 16% discount to the 15-day trading VWAP to 2 September 2019.
The Placement will be conducted over two tranches. Tranche 1 of the Placement will be issued pursuant to the Company’s existing placement capacity, with 1,705,516 shares to be issued pursuant to Listing Rule 7.1 and 67,294,484 shares to be issued pursuant to Listing Rule 7.1A. The remaining 31,000,000 shares to be issued under tranche 2 will be placed subject to shareholder approval at the next RMX General Meeting.
Funds raised will be primarily directed towards the asset due diligence and acquisition costs of the Mt Kokeby Kaolin Project and the Mt Mansbridge Rare Earth Project.
Xcel Capital has been appointed Lead Manager to the capital raising.
Uganda Copper Slag Project
The Company advises that, following completion of due diligence, it has elected not to proceed with the acquisition of the Kilembe copper slag project in Uganda.
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