Rumble Resources (ASX:RTR) is likely to raise a total of about $1.35 million by issuing 30 million news shares at $0.045 each and with one free attaching option for every two new shares.
The capital raising will have a $0.26 million placement component and a $1.1 million rights issue with the funds to be used for exploration and drilling at the Derosa project-- a developing gold project in Burkina Faso.
The free attaching options will be listed and have an exercise price of 8 cents and an expiry date of 30 June 2015.
The rights issue will also be offered on a 1 for 2 basis at an issue price of $0.045 each and have a 1 free attaching option for every 2 new shares subscribed.
During the last quarter, Rumble conducted detailed litho-structural and regolith mapping of the east, west, north and south areas of the Bompela artisanal site at the Derosa project over a target area of 16 square kilometres.
Rock chip sampling there returned gold grades of up to 24.5 grams per tonne.
It has planned an aircore and reverse circulation drilling campaign to target the Bompela artisanal sites and other priority targets.
Drilling at the Derosa Project is expected to commence in mid June 2013, with results expected in early July 2013.
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