Rumble Resources Ltd (ASX:RTR) (FRA:20Z) directors have demonstrated their confidence in the company’s zinc-lead strategy by participating in a recent placement.
The company received firm commitments from new institutional and significant sophisticated investors for a capital raising of $40.2 million on April 28 to fast-track the advancement of its major zinc-lead discovery at the Earaheedy Project.
Rumble is now well-funded to fully scope the discovery, which will include a scaled-up diamond core and RC drilling program set to kick off over the coming weeks and begin initial metallurgical test-work and other studies.
Change of director interests
Non-executive director Matthew Banks acquired a total of 1 million shares spilt equally between two indirect interests and with a total value of $500,000.
This increased the holding in one of these interests to 6.5 million and in the other to 3.5 million shares while he also holds 7.5 million in another indirect interest along with 3.25 million in a direct interest.
Fellow non-executive director Michael Smith also outlaid $500,000 to acquire 1 million shares spilt between two indirect interests, increasing the total held in the first interest to 5.5 million with 14.5 million held in the second.
These purchases were approved by shareholders at a general meeting of the company on June 17, 2021.
Sole owner at Braeside
The ASX-lister has recently consolidated its holding at the Braeside zinc-lead-silver-copper play, which hosts a series of lucrative prospects over a 60-kilometre-long mineralised system in the Pilbara region of WA.
Rumble moved to 100% ownership at the project that also hosts copper and silver after it snapped the remaining stake in two exploration tenements.
The company's latest acquisition now covers 670 square kilometres and comprises four granted exploration licences.