Red Mountain Mining (ASX:RMX) managing director Jon Dugdale has...

Red Mountain Mining (ASX:RMX) managing director Jon Dugdale has increased his indirect shareholding in the company by 1 million shares in on-market trade.

Indirect interests of Dugdale paid $3,650 for the shares, increasing his total holding to 7,290,250 shares.

Earlier this month, the company raised $446,000 through its rights issue, about 50% of the new shares offered and received access to US$254,000 (A$328,000) previously held in its Wholly Foreign Owned Entity (WFOE) account in China.

This additional liquidated cash, combined with the capital raising and Rights Issue funding, aggregates to a A$1 million cash injection.

In addition, activities have commenced under the strategic funding partnership with Bluebird Merchant Ventures (BMVL), which includes committed Stage 1 funding of US$1 million (~A$1.3 million) that is expected to fund final permitting, completion of the Definitive Feasibility Study (DFS) and selective drilling of high grade targets for potential early mining.

The company has commenced seeking debt financing for the remainder of the capital requirement for development of the Batangas Gold Project, which is expected to total approximately US$15 million.

Recent trenching samples taken from Lobo on the Batangas Gold Project returned high grade gold results of up to:

- 3.5 metres at 25.9 grams per tonne gold, including 1.5 metres at 56.8g/t gold and 0.5 metres at 145g/t gold;
- 2.0 metres at 14.2g/t gold, including 0.5 metres at 41g/t gold; and
- 1.2 metres at 23.4 g/t gold, including 0.5 metres at 28.3 g/t gold.