SUCCESSFUL SHARE PLACEMENT TO FUND THE 64NORTH PROJECT DRILLING CAMPAIGN
Resolution Minerals Ltd is pleased to announce that it has received commitments to place approximately 91 million new shares at an issue price of A$0.05 per share to raise approximately $4.5 million with strong demand, (excluding costs) by way of Placement.
Funds raised will be used to advance the 64North Project which is adjacent to Northern Star’s (ASX:NST) Pogo GoldMine, 120km from Fairbanks, Alaska in the Tintina Gold Province.
NST’s world class high grade Pogo Gold Mine has an endowment of 10M oz of gold and started production in 2006, producing approximately ~300,000 oz / year at over 13g/t Au through this time.
Recent discovery success announced by NST within 450m of our tenement boundary and open in all directions at the Goodpaster discovery demonstrates the highly prospective nature of the district and the immediate Aurora drill targets on RML’s tenements.
Phase 1 drilling is expected to commence in four (4) weeks’ time.
The Company is fully funded for multiple drilling programs.
Resolution would like to thank investors and our Joint Lead Managers, PAC Partners and Taylor Collison for supporting the Placement.
The Company will issue 90,966,737 fully paid ordinary shares (Shares) as follows:
50,000,000 Shares to be issued on 12 February 2020 as approved by shareholders at the 2019 AGM. The shares are issued at a 19.7% discount to the 5 day VWAP; and
24,580,042 Shares to be issued on 13 February 2020 under the Company’s 15% placement capacity; and
16,386,695 Shares to be issued on 13 February 2020 under the Company’s 10% placement capacity as
approved by shareholders at the 2019 AGM.
The shares are to be issued at a 11.3% discount to the 15 day VWAP.
WANT TO KNOW MORE ABOUT THE 64NORTH PROJECT?
Listen to this recent podcast with Stockhead's Barry Fitzgerald and RML's MD Duncan Chessell.