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Reach Resources Limited ( (AU:RR1) ) has shared an update.
Reach Resources Limited has raised approximately $825,855 before costs via a non-renounceable rights issue, offering eligible shareholders two new shares for every five held at $0.009 per share. Directors and the CEO fully subscribed to their entitlements, underscoring internal support for the capital raising.
The funds will be directed mainly toward exploration and development at the Murchison South Gold Project, as well as assessing new opportunities and providing general working capital. Lead manager Westar Capital has been granted exclusive rights to place any shortfall, with the company to update the market once the remaining allocation has been addressed.
More about Reach Resources Limited
Reach Resources Limited is an ASX-listed company focused on mineral exploration and development, with a particular emphasis on its Murchison South Gold Project in Western Australia. The company targets growth through advancing its existing gold assets while also assessing new resource opportunities to expand its project portfolio.
Average Trading Volume: 3,885,421
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$11.63M
For an in-depth examination of RR1 stock, go to TipRanks’ Overview page.