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An announcement from Resource Mining Corporation Limited ( (AU:RMI) ) is now available.
Resource Minerals International has secured firm commitments for a A$3.5 million equity placement, issuing 87.5 million shares at A$0.04 each at a modest discount to its last traded price. The raise drew strong support from professional and sophisticated investors, with key directors committing A$600,000 subject to shareholder approval, signalling confidence in the company’s exploration strategy.
The new capital will fund a 5,000-metre reverse circulation drilling campaign at the Mpanda copper-gold project in Tanzania beginning next month, as well as target-defining exploration and drilling at the Shaib Marqan and Wadi Salamah copper-gold-silver projects in Saudi Arabia in the September quarter. By underpinning an active drilling schedule through year-end, the placement strengthens RMI’s funding position and could materially advance its African and Middle Eastern assets, with potential value implications for shareholders if exploration results are positive.
More about Resource Mining Corporation Limited
Resource Minerals International Ltd is an Australia-listed mineral exploration company focused on developing copper-gold, nickel, lithium, and precious and base metal projects. Its portfolio spans copper-gold and nickel sulphide targets in Tanzania, lithium exploration projects in Finland, and gold-silver-copper prospects in Saudi Arabia’s Arabian-Nubian Shield, aiming to build a long-term, sustainable resources business.
Average Trading Volume: 697,920
Technical Sentiment Signal: Buy
Current Market Cap: A$36.64M
For a thorough assessment of RMI stock, go to TipRanks’ Stock Analysis page.