PLACEMENT AND OPTIONS ENTITLEMENT OFFER TO PROGRESS THE 64NORTH PROJECT - ALASKA
SUMMARY
• Strong demand from institutional and sophisticated investors via a $1.86m Placement
• Shareholders are invited to participate in a $0.82m Options Entitlement Offer (Offer) at a price of $0.002 per Option. Options will have an exercise price of $0.015 per Share and expiry of 31 July 2025. Resolution will seek to have the Options quoted on the ASX.
• Funding enables:
o Drilling high priority gold targets at Tourmaline Ridge - 64North Project, in June
o Milestone payments to earn a 51% interest in the 64North Gold Project - Alaska
o Exploration activities in the NT, on the Carrara Range Project and working capital
• Farm-in funding from OZ Minerals will progress the Wollogorang and Benmara Projects in the Northern Territory (NT); both are prospective for copper and other base metals.
• Resolution is now fully funded to advance three significant projects in 2022
DETAILS
Resolution Minerals (ASX: RML) is pleased to announce it has received firm commitments for a placement of fully paid ordinary shares in the Company (Shares) to institutional and sophisticated investors to raise a total of $1.86 million (before costs) at an issue price of $0.012 per Share (Placement) to progress exploration at the Company’s 64North and Northern Territory Projects.
Participants in the Placement will also be offered one option to acquire Shares (Option) for every one (1) Share issued under the Placement, for no additional consideration. The Options will have an exercise price of $0.015 per Share and expiring on 31 July 2025. The issue of Options will be subject to shareholder approval.
The Company also intends to offer all eligible shareholders the opportunity to participate in a $0.82 million non-renounceable entitlement offer to acquire Options at an issue price of $0.002 per Option (Entitlement Offer). Importantly, the Options to be issued pursuant to the Entitlement Offer are of the same class as the Placement Options. DealAccess powered by PAC Partners acted as Lead Manager to the Placement.
Funds received from the $1.86 million Placement and $0.82 million Rights Issue will be used for drilling at the Tourmaline Ridge Prospect at the 64North Project, progressing Resolution’s Carrara Range Project in the Northern Territory and for working capital.
A total of 155,091,648 shares will be issued at $0.012 per share to raise $1.86 million under the Placement – 89,454,989 shares will be issued under the Company’s 15% placement capacity under Listing Rule 7.1 and a further 65,636,659 shares will be issued under the Company’s 10% placement capacity under Listing Rule 7.1A.
Want to know more about what this funding will enable?
WATCH Interim CEO Christine Lawley discuss the upcoming drilling program at the 64North Project.
MORE FROM THE Investor centre View all
