Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Firm”) is happy to advise that it has acquired agency commitments to lift $1.15M by means of a Share Placement pursuant to Part 708 of the Companies Act (Cth).
Highlights
- Agency commitments acquired to lift $1.15M by means of a share placement at a difficulty worth of $0.025 (2.5 cents) which represents a ten.7% low cost to the final closing worth.
- Placement supported by new and present shareholders
- Exploration actions on Damaged Hill copper – cobalt targets to be accelerated following receipt of placement funds
The proceeds of the share placement might be used to speed up exploration of copper – cobalt targets on the Firm’s 100% – owned Damaged Hill Venture and supply for basic working capital.
Commenting on the Placement, Rimfire’s Managing Director Mr David Hutton stated: “We’re grateful for ongoing shareholder assist on this placement by new and present shareholders.
Along with funding from our scandium exploration companion – GPR, these placement funds will underpin a busy second half to the yr, with maiden scandium JORC Assets deliberate for the Melrose and Murga scandium prospects, additional metallurgical work for Melrose in addition to diamond drilling of the Bald Hill copper – cobalt prospect at Damaged Hill”.
Placement Particulars
The location includes the problem of a complete of 45,800,000 absolutely paid unusual shares at a difficulty worth of $0.025 (2.5 cents) per share, elevating $1.15M to classy buyers eligible below part 708 of the Companies Act (Cth).
The problem worth of the present placement represents a ten.7% low cost to the closing share worth on 28 June 2024 and a 150% premium to the problem worth of the Firm’s final placement (see Rimfire’s ASX Announcement dated 14 December 2023).
As well as, 15,266,665 free attaching unlisted choices are being issued on a one (1) for 3 (3) foundation, being one (1) free attaching unlisted choice for each three (3) new shares subscribed for and issued below the position with an train worth of $0.05 (5 cents) every, and an expiry date of 31 December 2025.
The 45,800,000 placement shares might be issued below Rimfire’s present ASX Itemizing Rule 7.1A placement capability and the 15,266,665 unlisted choices might be issued below Rimfire’s present ASX Itemizing Rule 7.1 placement capability.
The brand new shares will rank equally with present Rimfire absolutely paid unusual shares quoted on the ASX.
Settlement of the position is anticipated to happen on or about Monday eighth July 2024 and shortly thereafter the Firm will make an utility to the ASX looking for citation of the position shares.
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