RNI NL’s (ASX:RNI) shares are trading 23% higher for the day after undertaking a share placement and entitlement offer to raise up to $3 million to advance its exploration activities.
RNI has already received firm commitments from sophisticated and institutional investors for the placement of shares at $0.012 each to raise $1.5 million.
InvestMet Ltd, led by Michael Fotios, has agreed to subscribe to $1.2 million of placement shares, equivalent to 7% of RNI’s issued capital following the placement.
Michael Fotios is an experienced mining executive who has created substantial shareholder value through managing and investing in a number of ASX-listed companies.
These include Eastern Goldfields Ltd (ASX:EGS), General Mining Corp Ltd (ASX:GMM) and Northern Star Resources Ltd (ASX:NST).
Following completion of the placement, RNI will undertake a non-renounceable entitlement offer to eligible shareholders to raise $1.5 million at $0.012 per share.
The capital raising will allow RNI to advance exploration activities at its key Doolgunna, Cashmans and Forrest projects in the Bryah Basin region.
RNI has consolidated a 1343 square kilometre copper-gold exploration portfolio in Western Australia’s Bryah Basin.
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