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News update on The West Australian

Michael Fotios takes stake in explorer RNI
Stuart McKinnon  - The West Australian on September 30, 2016, 11:01 am

UPDATE 2.50pm: Perth mining executive Michael Fotios has continued his investment spree, by taking a 7 per cent stake in RNI for $1.2 million.
Mr Fotios has agreed to inject cash into the explorer through his privately owned InvestMet Limited, which will also sub-underwrite a $3 million raising by the company to the tune of $500,000.
The raising, comprising a $1.5 million placement and $1.5 million rights issue, will be priced at 1.2 cents.
Shares in RNI responded positively to the news, rising 0.2 cents, or 15.39 per cent, to 1.5 cents by the close.
RNI will use the cash to ramp-up exploration activities in the Bryah Basin in the Doolgunna region.
RNI executive director Debbie Fullarton said InvestMet’s investment endorsed the prospectivity and strategic value of RNI’s landholding in the Bryah Basin.
The company’s Bryah Basin landholding cover 1343sqkm and include the Doolgunna, Morck’s Well, Forrest, Cashmans and Horseshoe Well projects.

https://au.news.yahoo.com/thewest/wa/a/32771414/fotios-takes-stake-in-rni/#page1