Red Mountain Mining Limited (“RMX” or the “Company” is pleased to announce that is has received firm
commitments to raise $850,000 via a share placement to professional and sophisticated investors
(Placement). The initiative has received strong support and commitment from Red Mountain’s existing
major shareholders.
The Placement will be undertaken at 0.4 cents per share in a single tranche using the Company’s available
placement capacity (pursuant to Listing Rule 7.1A). One attaching option (exercisable at 0.8c per share,
expiring 3 years from the date of issue) for every two Placement shares will be issued to participants, subject
to the approval of shareholders.
The Company also plans to undertake a Share Purchase Plan to raise $750,000 on the same terms as the
Placement (SPP). Holders of RMX shares with an address in Australia or New Zealand as at 5:00pm WST on
28 July 2023 may apply for up to $30,000 of shares at 0.4 cents per share. Each participant in the SPP will
be entitled to receive one free attaching option for every two SPP shares issued to them under the SPP
(exercisable at 0.8c per share, expiring 3 years from the date of issue). The SPP will be undertaken under a
prospectus to be lodged with ASIC as soon as practicable. Oversubscriptions may be considered at the
discretion of the Company.
Subject to ASX requirements, the Company intends to seek quotation of the attaching options under the
Placement and the SPP. If quotation of the attaching options cannot be obtained, they will remain as
unquoted options.
Directors, Troy Flannery and Lincoln Ho intend to participate in the SPP.
An indicative timetable for the Placement and the SPP is set out in Annexure A to this announcement.
Xcel Capital Pty Ltd has been engaged to act as Lead Manager to the Placement and SPP. Fees payable are
6% across all funds raised, 30m options (same terms as attaching placement and SPP options) and a $20,000
management fee.
The issue of up to 200m Placement and SPP attaching options will be subject to shareholder approval at a
future general meeting.
The issue of 30m broker options will be undertaken using the Company’s 15% placement capacity (pursuant
to Listing Rule 7.1).
The SPP shares meet the requirements of Listing Rule 7.2 exception 5. Any shortfall SPP shares will be issued
under the Company’s remaining 15% placement capacity (pursuant to Listing Rule 7.1). If the Company
decides to issue additional shortfall shares (over and above the Company’s remaining Listing Rule 7.1
capacity), the Company will obtain prior shareholder approval for such issue.
The funds raised from the Placement and the SPP will be directed towards further exploration of RMX’s two
strategic lithium exploration projects located in Nevada, US and the recent farm-in of Liontown Resources
(LTR) Monjebup Rare Earth Project. In addition, some funds will be directed towards exploration on RMX’s
existing asset portfolio, review of potential new ventures and for working capital purposes
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Last
0.2¢ |
Change
0.001(50.0%) |
Mkt cap ! $5.135M |
Open | High | Low | Value | Volume |
0.2¢ | 0.2¢ | 0.2¢ | $298 | 198.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
54 | 64221650 | 0.1¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.2¢ | 167694818 | 38 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
54 | 64221650 | 0.001 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.002 | 167694818 | 38 |
0.003 | 11600603 | 9 |
0.004 | 13700201 | 5 |
0.005 | 11950006 | 6 |
0.006 | 5737085 | 6 |
Last trade - 15.47pm 14/05/2024 (20 minute delay) ? |
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Last
0.1¢ |
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Change
0.001 ( 33.3 %) |
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Open | High | Low | Volume | ||
0.1¢ | 0.1¢ | 0.1¢ | 550000 | ||
Last updated 15.34pm 14/05/2024 ? |
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RMX (ASX) Chart |