Successful $1.5m Capital Raising
Perth, April 15, 2019 AEST (ABN Newswire) - Rumble Resources Ltd (
ASX:RTR) ("Rumble" or the "Company") is pleased to announce that it has received binding commitments from professional and sophisticated investors, and directors of the Company, to raise approximately A$1,500,000 by way of the issue of 27,496,455 fully paid ordinary shares ("Placement Shares") at $0.055 per share ("Placement").
The Placement received significant interest, and Rumble has welcomed the strong support shown from both existing shareholders and new key investment groups.
Managing Director, Shane Sikora commented "The Board is very encouraged at the strong investor support received for the Placement. The successful capital raising represents a major endorsement of Rumble's projects, technical capabilities and ongoing strategy to generate and drill test a pipeline of exploration projects capable of high-grade world-class discoveries."
In line with this strategy, Rumble is drill testing 4 projects and drill targeting 4 projects over the following months providing multiple catalysts for discovery and a significant re-rating for our new and current shareholders.
Excitement continues to build with the drilling campaigns commenced at the Munarra Gully Cu-Au and Earaheedy Zn projects, providing near term possibilities of world class discoveries.
As a result of the Placement, Rumble is well capitalised to fast track any exploration success achieved in the current drill programs, and provides further working capital to advance exploration programs on Rumble's other quality projects".
The Placement Shares will be issued within the Company's existing ASX Listing Rule 7.1A placement capacity. In addition, as part of the Placement, the Company will issue up to 3.5 million unlisted options to parties associated with the Placement. The options will be priced at a premium, with an exercise price of $0.15, and will have an expiry date of 22 December 2019. The options will be issued within the Company's existing Listing Rule 7.1 placement capacity.
Rumble Director Placement Participation
As part of the Placement, directors of the Company have committed to subscribe for an aggregate of $120,000 worth of shares under the Placement, being the issue of 2,181,818 shares at a price of $0.055 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 following completion of the Placement.
This announcement brings the Company out of trading halt.
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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