Renegade Exploration (ASX:RNX) has received commitments for a placement of up to $2.29 million to advance work on its projects in Australia and North America.
The company is issuing up to 763.3 million shares at an issue price of $0.003 per share. The new shares under include an attaching one for two unquoted option exercisable at $0.005, expiring 31 October 2026.
Tranche two of the placement and attaching options will be subject to shareholder approval at a general meeting expected to be held in late August 2025.
Outland Investments – a lender to Renegade – has agreed to subscribe for 96.67 million new shares as part of tranche two of the placement. The $250,000 investment will be partially offset against the outstanding balance of $500,000 owed to Outland by Renegade plus conversion of $40,000 of fees into shares.
Renegade directors have agreed to subscribe in tranche two for a total of up to $150,000, to be offset against director contractor payment and fees owing.
Surplus funds will be applied to a reduction of $300,000 from the existing Outland loan facility, operating overheads, and for a review of new projects the company is receiving.
Renegade is starting work on its new Nevada permits and Yukon Myschka prospect immediately and is assessing a program to be completed at its Cloncurry Project.
Work in Nevada involves fieldwork and geophysical programs to “urgently drive drill targets”.
The Yukon work primarily involves fieldwork with potential for geophysical programs to follow.
Cloncurry work is on a potential second Mongoose Deeps hole.
Write to Adam Orlando at Mining.com.au
Images: Renegade
