STRATEGIC PLACEMENT AND DIRECTOR APPOINTMENT
Strategic placement to US-based investors to raise $600,000 at 0.8c per share
New Non-Executive Director appointment of Mr Mark Holcombe
Ongoing exploration program to be assisted with an independent review of the 64North Project
- The battery metals drilling program is to commence in Australia in October at the Wollogorang Project, funded by OZ Minerals
Resolution Minerals Ltd (RML or Company) (ASX: RML) is pleased to announce the appointment of US- based Non-Executive Director, Mr Mark Holcombe. Mr Holcombe brings over 30 years of experience in corporate and investment banking, corporate development and asset management. He has significant experience in M&A advisory, corporate restructurings and public and private debt and equity financings and investments in the natural resources sector. Mr Holcombe has an extensive global network, focusing on the battery materials and precious metals sectors. One of his current roles is as a senior advisor to Nebari Holdings, which provides global financial solutions to the resource sector.
The Board of RML welcome Mr Holcombe to the team and looks forward to the breadth of experience and opportunities his appointment will provide for RML and its shareholders.
Resolution has agreed to a strategic share placement for $600,000 at $0.008 per share to US-based investors (Placement). The 75,000,000 RML shares to be issued under the Placement will be issued out of the Company’s 10% additional placement capacity under Listing Rule 7.1A (52,000,000 shares) and 15% placement capacity under Listing Rule 7.1 (23,000,000 shares). The issue price of $0.008 represents a discount of 17.2% to the 15 trading day VWAP of $0.0937 to 13 September 2022 (inclusive) and 7.0% discount to the 5 trading day VWAP.
The funds raised will be used for milestone payments and exploration expenditure at the 64North Project in Alaska, including an independent geological review, and for working capital purposes.
Managing Director, Steve Groves commented:
"We have been talking to a number of US-based strategic investors for some time and are buoyed by their strong support for RML’s long term plan. We are also excited by the value creation opportunities that the appointment of Mr Holcombe will present for RML shareholders. His extensive network exposes the Company to a host of potential new funding and investment opportunities.
The placement provides security for RML to be able to fund further earthworks and exploration at the 64North Gold Project so that we can make the most of the current Alaskan field season. Locally, the team is working hard to prepare for drilling on our Wollogorang Battery Metals Project in the NT and we anticipate ongoing positive news flow for the remainder of the year as the drilling commences and the remaining results from the recent Tourmaline Ridge drilling in Alaska are received."