Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that it has received firm commitments to raise $1.15M through a Share Placement pursuant to Section 708 of the Corporations Act (Cth).
Highlights
- Firm commitments received to raise $1.15M through a share placement at an issue price of $0.025 (2.5 cents) which represents a 10.7% discount to the last closing price.
- Placement supported by new and existing shareholders
- Exploration activities on Broken Hill copper – cobalt targets to be accelerated following receipt of placement funds
The proceeds of the share placement will be used to accelerate exploration of copper – cobalt targets at the Company’s 100% – owned Broken Hill Project and provide for general working capital.
Commenting on the Placement, Rimfire’s Managing Director Mr David Hutton said: “We are thankful for ongoing shareholder support in this placement by new and existing shareholders.
In conjunction with funding from our scandium exploration partner – GPR, these placement funds will underpin a busy second half to the year, with maiden scandium JORC Resources planned for the Melrose and Murga scandium prospects, further metallurgical work for Melrose as well as diamond drilling of the Bald Hill copper – cobalt prospect at Broken Hill”.
Placement Details
The placement comprises the issue of a total of 45,800,000 fully paid ordinary shares at an issue price of $0.025 (2.5 cents) per share, raising $1.15M to sophisticated investors eligible under section 708 of the Corporations Act (Cth).
The issue price of the current placement represents a 10.7% discount to the closing share price on 28 June 2024 and a 150% premium to the issue price of the Company’s last placement (see Rimfire’s ASX Announcement dated 14 December 2023).
In addition, 15,266,665 free attaching unlisted options are being issued on a one (1) for three (3) basis, being one (1) free attaching unlisted option for every three (3) new shares subscribed for and issued under the placement with an exercise price of $0.05 (5 cents) each, and an expiry date of 31 December 2025.
The 45,800,000 placement shares will be issued under Rimfire’s existing ASX Listing Rule 7.1A placement capacity and the 15,266,665 unlisted options will be issued under Rimfire’s existing ASX Listing Rule 7.1 placement capacity.
The new shares will rank equally with existing Rimfire fully paid ordinary shares quoted on the ASX.
Settlement of the placement is expected to occur on or about Monday 8th July 2024 and shortly thereafter the Company will make an application to the ASX seeking quotation of the placement shares.
Click here for the full ASX Release
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