Capital Raising
Perth, June 22, 2020 AEST (ABN Newswire) - Rumble Resources Ltd (
ASX:RTR) (20Z:FRA) is pleased to announce that it has received binding commitments from professional and sophisticated investors for an oversubscribed capital raising of $6,045,000, by way of the issue of 65,000,000 new fully paid ordinary shares at $0.093 per share ("Placement"). Funds from the Placement will be utilised toward the upcoming drill program at the Western Queen Gold Project, exploration at the Company's other projects and general working capital.
Managing Director, Shane Sikora commented "The Company is pleased with the strong backing from current shareholders, new institutions and sophisticated investors in the Placement. 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. Gleneagle or its nominees will receive a 6% capital raising fee and up to 4,103,115 premium priced unlisted options, each with an exercise price of $0.15 and an expiry of 31 December 2022 ("Options").
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 via the issue of 1,230,700 shares at a price of $0.093 per share. The issue of shares to these directors will be subject to the Company obtaining shareholder approval at a general meeting to be convened by the Company shortly. 44,638,566 placement shares will be issued shortly within the Company's existing ASX Listing Rule 7.1A capacity, and the balance of 19,130,734 placement shares and up to 4,103,115 options will be issued within the Company's existing ASX Listing Rule 7.1 capacity. The Placement shares and the options are anticipated to be allotted Friday 26 June 2020.
About Rumble Resources Ltd
Rumble Resources Limited (ASX:RTR) (FRA:20Z) is an Australian based exploration company, officially admitted to the ASX on the 1st July 2011. Rumble was established with the aim of adding significant value to its current gold and base metal assets and will continue to look at mineral acquisition opportunities both in Australia and abroad.
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