Rumble Resources Ltd (ASX: RTR) has announced the completion of a A$7.1M institutional placement.
Managing director, and CEO, Peter Harold commented, “We are delighted with the very strong interest there was to participate in this placement from our existing shareholders, our new strategic shareholder Bain Resources Holdings and their associates and the new sophisticated and institutional investors who have come on board for the first time.”
The placement comprises the issue of approximately 157.4M to raise approximately A$$7.1M. The offer price per new share to be issued under the placement is A$0.045. The offer price of the new shares issued under the placement represents a
- 19.6% discount to the last closing price of A$0.056 on 29 October 2024
- 6.3% discount to the 30-day VWAP of A$0.0481 as on 29 October 2024
In addition, strategic investor, Bain Resources Holdings, and its related associates, subscribed into the placement for a total of A$1.6M, which reinforces their view of the quality and strategic long-term value of the company’s projects.
“These funds will primarily be used to fund major drilling programs at Western Queen where there is a wonderful opportunity to grow the gold resources through discovery. The next drill programme of up to 20,000m will kick off in the second week of November and we look forward to receiving positive results from this drilling.” Added Mr. Harold.
To find out more, please visit www.rumbleresouces.com.au
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