Resource Mining Corporation Ltd (ASX:RMI) has entered into a funding agreement with RiverFort Global Capital Ltd, securing up to A$1 million in a bridging loan to support exploration at the Mpanda Copper-Gold Project in Tanzania.
Pursuing strong copper and gold
Read: Resource Mining Corp returns up to 36.7 g/t gold and 11.89% copper in Mpanda samples
The agreement provides an initial A$500,000 upon execution, with potential further drawdowns.
The loan, which has a four-month term, carries a 10% interest rate and is secured by a first-ranking general security over RMI and its subsidiaries.
RMI will issue 5 million options, exercisable at A$0.0225 per share, and may issue up to 100 million shares under the agreement, depending on the loan’s repayment terms.
Flexible conversion terms
If the loan is not repaid in cash, it may convert into a convertible note with flexible conversion terms.
The funding will advance RMI's exploration efforts at its flagship Mpanda project, where it is making strides in its efforts to uncover copper and gold.
Read: Resource Mining Corp returns gold and copper in maiden Mpanda RC drilling
Read: Resource Mining Corp has RC drill spinning in inaugural campaign at Mpanda Copper-Gold Project