Strategic Placement Introduces New Cornerstone Investors
Perth, Sep 3, 2019 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 a capital raising of $3,750,000, by way of the issue of 50,000,000 new fully paid ordinary shares at $0.075 per share ("Placement").
The strategic placement was underpinned by two new cornerstone investors, the Copulos Group, and a principal of Bennelong Asset Management.
Managing Director, Shane Sikora commented "The Company is pleased to welcome the calibre of the two new cornerstones as shareholders. To attract these significant industry investors, and at a 12% premium to the 30 day share price VWAP, represents a major endorsement for Rumble's projects, management team, technical capabilities and importantly the ongoing strategy of generating and drill testing a pipeline of projects capable of high-grade world-class discoveries.
The capital raising puts Rumble in a strong cash position to fast track exploration and execute its strategy. Rumble is highly leveraged to exploration success with nine near term exploration catalysts over the coming months providing multiple opportunities for world-class discoveries.
Excitement continues to build with drilling set to commence imminently at the Panache Ni-Cu-Co-PGE-Au Project in Sudbury, Canada. Since 1883, the Sudbury Mining Field has been the second largest supplier of nickel ore in the world with over 1.7 billion tonnes of past production, reserves and resources. Rumble is drill testing two compelling side by side conductors that are located below a large exposed mineralised gossan, targeting massive Ni-Cu-Co-PGE-Au Deposits. With nickel prices at a four year high, we believe a new discovery in the world's second largest nickel district would present a near term significant re-rating opportunity for shareholders."
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 5 million premium priced unlisted options, with an exercise price of $0.15 each and an expiry of 31 December 2022. 38,797,285 Placement shares will be issued within the Company's existing capacity under ASX Listing Rule 7.1A, and the balance of 11,202,715 Placement shares and the 5 million options will be issued within the Company's existing capacity under ASX Listing Rule 7.1.
To view tables and figures, please visit:
https://abnnewswire.net/lnk/1851VX2Y
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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