Funds To Support Aggressive Exploration Programme
Rumble Resources Ltd (ASX: RTR)has received binding commitments from professional and sophisticated investors for an oversubscribed capital raising of A$6,045,000.
Managing Director, Shane Sikora, said funds from the Placement will be utilised toward the upcoming drill programme at the Western Queen Gold Project, exploration at the company’s other projects and general working capital.
“The company is pleased with the strong backing from current shareholders, new institutions and sophisticated investors in the Placement,” Mr Sikora said.
“The Placement represents a major endorsement for Rumble’s projects, management team, technical capabilities and importantly the clear strategy of generating and drill testing a pipeline of projects capable of high-grade world-class discoveries.
“It’s an exciting time for Rumble shareholders with a major drill program about to commence at the Western Queen Project targeting high-grade gold resource extensions and multiple high-grade gold shoots, our JV partner IGO drilling multiple compelling nickel- copper-gold targets on our Fraser Range Projects and our other JV partner AIC Mines scheduled to drill our Lamil Project, which the Rumble team believe has the best undrilled gold-copper target in the Paterson Province named the Lamil Dome.”
Gleneagle Securities (Aust) Pty Limited acted as Lead Manager and Broker to the Placement.
As part of the Placement, directors of the company have committed to subscribe for an aggregate of $114,455 worth of shares under the Placement
Mr Sikora said the company had five near term growth catalysts
- Western Queen Au Project – High-Grade Gold System – a 12000m drill programme targeting high-grade gold shoot targets. The drill rigs are now onsite
- Fraser Range Ni-Cu-Au JV Project (IGO) – Tier 1 – JV Partner. Drilling at compelling Fraser Range Ni-Cu & Au targets. Planned June Quarter 2020
- Lamil Cu-Au Project JV Project (AIC Mines) – Tier 1 – JV Partner. Drilling compelling Paterson Province Au-Cu Targets. Planned September Quarter 2020
- Munarra Gully Au-Cu-Ag-Zn Project – Tier 1 – Drilling stepping out large-scale Au-Cu-Ag Amaryllis prospect. Planned for September 2020
Earaheedy Zn-Pb-Ag Project – Tier 1 – Drilling stepping out large-scale Zn-Pb-Ag Discoveries. Planned to commence October 2020