Successful Share Placement to Fund 64North Project Drilling
Adelaide, Feb 4, 2020 AEST (ABN Newswire) - Resolution Minerals Ltd (
ASX:RML), is pleased to announce that it has received commitments to place approximately 91 million new shares at an issue price of A$0.05 per share to raise approximately $4.5 million with strong demand, (excluding costs) by way of Placement.
Funds raised will be used to advance the 64North Project which is adjacent to Northern Star's (ASX:NST) Pogo Gold Mine, 120km from Fairbanks, Alaska in the Tintina Gold Province.
- NST's world class high grade Pogo Gold Mine has an endowment of 10M oz of gold and started production in 2006, producing approximately ~300,000 oz / year at over 13g/t Au through this time.
- Recent discovery success announced by NST within 450m of our tenement boundary and open in all directions at the Goodpaster discovery demonstrates the highly prospective nature of the district and the immediate Aurora drill targets on RML's tenements.
- Phase 1 drilling is expected to commence in four (4) weeks' time.
- The Company is fully funded for multiple drilling programs.
Resolution would like to thank investors and our Joint Lead Managers, PAC Partners and Taylor Collison for supporting the Placement.
The Company will issue 90,966,737 fully paid ordinary shares (Shares) as follows:
- 50,000,000 Shares to be issued on 12 February 2020 as approved by shareholders at the 2019 AGM. The shares are issued at a 19.7% discount to the 5 day VWAP; and
- 24,580,042 Shares to be issued on 13 February 2020 under the Company's 15% placement capacity; and
- 16,386,695 Shares to be issued on 13 February 2020 under the Company's 10% placement capacity as approved by shareholders at the 2019 AGM.
- The shares are to be issued at a 11.3% discount to the 15 day VWAP.
About Resolution Minerals Ltd
Resolution Minerals Ltd (ASX:RML) is a mining company engaged in the acquisition, exploration and development of precious and battery metals - such as gold, copper, cobalt, and vanadium.
The company is led by Managing Director Duncan Chessell and an experienced team with proven success in corporate finance, marketing, metallurgy and geoscience. This equips Resolution Minerals with the tools to meet the changing demands of the mining markets.
Resolution Minerals Ltd Listed on the ASX in 2017 with a focus on the exploration of the Wollogorang Copper Cobalt Project. It has since aquired the Snettisham Vanadium Project and more entered into a binding agreement witth Millrock Resources to earn up to 80% of the highly prospective 64North Gold Project.
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