PERTH (miningweekly.com) – Explorer Red Metal will raise A$3-million through a share placement to fund drilling at its projects across Australia.
The company on Friday said it had received firm commitments for the placement of more than 33.33-million shares, at a price of 9c each, from institutional and professional investors.
The share placement will be conducted under Red Metal’s existing capacity, and will not require shareholder approval.
The explorer said that proceeds from the placement will be used to advance targets towards drilling on several of the company’s projects, including a two-dimensional seismic trial over the advanced Maronan silver/lead project, magnetotelluric surveying at Corkwood, and ground electromagnetic surveys on the Pardoo nickel/copper project.