Rex Minerals (RXM) has received binding commitments to raise $10 million via a placement and flagged an upcoming share purchase plan (SPP)
The SPP is not underwritten, and the company has not yet provided an indication of how much it intends to raise
Under both the placement and the SPP, shares will be issued at 16.5 cents each, which represents a 17.8 per cent discount to the 15-day volume-weighted average price
The funds will be used for exploration and feasibility studies for the Hog Ranch Gold Project in Nevada as well as for pre-development activities at the Hillside Copper-Gold Project in South Australia
Shares closed 11.9 per cent lower today at 18.5 cents
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Source: Rex Minerals
