Rapid Critical Metals (ASX:RCM) has completed the consolidation of its issued capital, as well as the placement that was approved at the extraordinary general meeting on 7 July.
On 26 June, the company announced that $10.5 million was secured through a placement, following firm commitments at an issue price of $0.024 per share.
Existing major shareholder and board member Strata Investment participated by taking $500,000.
Foster Stockbroking and GBA Capital acted as joint lead managers and joint bookrunners to the placement.
Proceeds from the capital raise, together with existing cash, will be used to fund the acquisition of the Conrad and Webbs Silver Projects in the New England Fold Belt of New South Wales and to unlock the potential of the projects rapidly.
Rapid Critical Metals “will rapidly implement” programs at Webbs Silver Project with a focus to expand and upgrade the existing JORC mineral resource estimate with targeted geophysics, drilling and metallurgical studies.
Write to Adam Orlando at Mining.com.au
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