Resource Mining Corporation (ASX: RMI) has secured a funding facility of up to $5 million through a convertible securities agreement with RiverFort Global Capital.
The first drawdown of $1.3 million, set for July 31, will be used to advance exploration at the company’s copper-gold projects in Tanzania and Saudi Arabia, as well as its nickel and lithium assets in Tanzania and Finland.
The three-year facility allows for staged funding, with the initial drawdown structured as 1.3 million convertible securities at a price of 2.1 cents, and interest fixed at 7% payable in cash on maturity.
In addition, RMI will issue over 10.8 million options with a strike price of 3 cents and a two-year maturity. Future drawdowns will be priced at a 30% premium to the five-day volume weighted average price.
Executive chairman Asimwe Kabunga said: "We are pleased to obtain significant funding for our projects from this facility. The company continues to make good progress on its copper and gold exploration activities in Tanzania and expanding its gold project portfolio through the Saudi Arabia joint venture option.”
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