Rimfire Pacific Mining NL’s (ASX:RIM) board of directors has participated in the explorer’s non-renounceable rights issue, committing to over 3.1 million shares worth about $28,000.
Funds from the $1.1-million capital raising, which will issue a total of more than 125.3 million shares, will be used to implement Rimfire’s dual strategy of assessing the Sopresa Gold-Silver Project in NSW and regional discovery exploration.
READ: Rimfire Pacific Mining raises $1.1 million to advance Sopresa development and regional exploration
Rimfire managing director & CEO John Kaminsky subscribed to a total of 222,222 shares worth $2,000, bringing his total holding to 33,630,391 shares amounting to more than $300,000.
Non-executive chairman Ian McCubbing subscribed to 903,877 shares worth $8,134.90 through two registered holders, increasing his shareholding to more than 4.5 million shares.
Non-executive directors Ramona Enconniere and Andrew Greville also participated in the raising, subscribing to 1,742,464 and 250,000 shares, respectively.
Enconniere’s participation amounted to $15,682 and brings her total holding to 10,812,324 shares while Greville’s 250,000 new shares has brought his total holding to 1.25 million shares.
Each board member received the same amount of free-attaching options as shares in the rights issue.
READ: Rimfire Pacific Mining adds new tenements with potential to host Ordovician age rocks
The 2014 Sorpresa JORC estimate stands at 6.4 million tonnes grading 0.61 g/t gold and 38 g/t silver for 125,000 ounces of gold and 7.9 million ounces of silver.
Work is now in progress to identify potential higher-grade zones.
Preliminary data from a detailed gravity survey conducted at Fifield in September indicated substantially improved resolution and the presence of subtle detail that will allow more efficient and effective assessment and testing of targets.