Plenty raised at higher prices for RCR holders to be peeved off with the latest developments....
HIGHLIGHTS § Over-subscribed capital raising of A$5.6m via placement of 56,000,000 fully paid ordinary shares at $0.10 per share: o Represents a price equal to the10-Day VWAP of $0.10 as of the end of trading Friday 17 May 2024. o New Institutional & High Net Worth Investors join the registry via the placement along with strong support from existing shareholders. o Placement jointly managed by CPS Capital Group Pty Ltd (‘CPS’) and Ironside Capital Pty Ltd (Ironside) (‘Joint Lead Managers’ or ‘JLM’s’). § Majority of funds designated for the West Arunta Project to fast-track and expand systematic drill testing of high-priority Nb-REE / IOCG1 targets for at least the next 12-18 months at including: o Diamond (DD) and reverse circulation (RC) drill testing of the new Avalon2 Nb-REE / IOCG mineral target, o RC drill testing of the new Sheoak, K1 and K2 gravity targets3, and o Expanded follow-up DD and RC drilling programs at the Pokali Prospect. § Balance of funds will go towards implementing the Laverton Project gold exploration strategy, and general working capital. Managing Director, Gary Harvey, commented on the raising saying: “We are thrilled to announce the successful completion of our recent capital raising, securing firm commitments for $5.6 million through the placement of 56,000,000 fully paid ordinary shares at $0.10 per share, managed by CPS and Ironside. This significant support from our existing shareholders and new investors, underscores their confidence in Rincon Resources and our exploration strategy. “The funds raised will be pivotal in advancing our West Arunta Project, enabling us to expand and implement our systematic exploration programs beyond the first phase of drilling at the exciting new Avalon Nb REE/IOCG target. We can now push on with planned drilling programs to test the new Sheoak, K1 and K2 targets, as well as any immediate follow-up programs at Pokali. “We remain committed to delivering value to our shareholders through strategic exploration and development of our assets, and we are excited about the opportunities that lie ahead for the Company.” 1Niobium-rare earth element / iron-oxide copper gold. 2/3 refer to ASX: RCR Releases dated 22 April 202. and 14 May 2024. ASX Announcement 22 May 2024 Rincon Resources Limited (ASX: RCR) (“Rincon” or “Company”) is pleased to report it has received firm commitments for an ‘over-subscribed’ capital raising of $5,600,000 through the placement of 56,000,000 fully paid ordinary shares at $0.10 per share (“Placement”) from institutional, professional and sophisticated investors, and existing shareholders. The Placement will be conducted in a single tranche and all shares will be issued under the Company’s current 7.1 and 7.1A capacity. The placing price is at the 10-day VWAP of $0.10 to last Friday’s (17th May 2024) closing price. The funds raised from the Placement will primarily be used to expand development and fast track exploration programs at the West Arunta Project, and general working capital purposes.
