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RTG sets A$14m raising target

4th July 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX- and TSX-listed RTG Mining will raise A$14-million in a share placement to institutional and sophisticated investors to fund work at its Mabilo copper/gold project in the Philippines.

The company has received commitments for the placement of 289.9-million Chess Depository Instruments, which will be listed on the ASX at a price of 4.8c each, representing a 7.7% discount to RTG’s last closing price.

The company will also issue two free attaching unlisted options for every three securities issued, exercisable at 7.5c each and with a 12-month expiry date.

The shares will be placed in two tranches with the first 208.8-million shares to be issued under RTG’s existing placement capacity, while the balance of some 81-million shares will be subject to shareholder approval.

The company said on Tuesday that proceeds from the placement will be used towards advancing Mabilo towards start-up, with the first phase targeting a direct shipping ore operation, as well as to progress plans for additional exploration. Funds would also go towards exploration of the Chanach copper/gold project, in the Kyrgyz Republic, and to continue the hunt for new development opportunities.

Edited by Creamer Media Reporter

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