Perth based RMA Energy (ASX: RMT) has announced an ambitious plan to raise $10.6 million in an issue.
Funds raised under the offer will be used to repay debt owed by RMA to CREC Resources (Aust) Pty Ltd and drill RMA’s Bulburrum, Emerald and Macauley Creek Projects.
It would also advance the Cliffdale and Moonie coal projects, and provide general working capital.
RMA raised $3.06 million via placements to CREC and Singapore based company, Bounty Investment Holdings Ltd.
It has been assessing and conducting exploration activities across some of its tenements since listing and in early 2009.
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