Resolution Minerals (ASX:RML) has received commitments to raise $25.1 million through a placement to fund exploration programs across its portfolio, focusing on the Horse Heaven Antimony Project in Idaho, US.
The company will issue shares over two tranches at a price of $0.05, with tranche one offering 422 million shares, and another 80 million shares and 251 million attaching options to be issued under tranche two following shareholder approval.
The issue price represents a 11.2% discount to the 15-day volume weighted average price (VWAP) of $0.056.
Oakley Capital Partners acted as the lead manager to this placement, while Roth Capital Partners acted as the financial advisor.
An upcoming general meeting scheduled for November will discuss an offer for holders to acquire one option per every two shares held under this offering, exercisable at $0.10 per option and to expire on 30 November 2029.
The meeting will also focus on directors’ subscription for up to $200,000 in this placement.
The placement has also attracted the backing of high net worth individuals and global institutions, including John Hancock’s Family Office and Astrotricha Capital.
Resolution Minerals will issue 3.44 million options to S3 Consortium.
Non-executive director Aharon Zaetz says the company is looking forward to advancing the Horse Heaven Project, targeting the Golden Gate and Antimony Ridge prospects.
“The recent rock chip results are extremely encouraging, and we are hoping that the current drilling program, which is well underway, will demonstrate to the market the significant potential of our highly prospective antimony, gold and tungsten project,” Zaetz says.
“With the proposed listing of RML on the NASDAQ, we are aiming to be trading shoulder to shoulder with the likes of our next door neighbour, Perpetua Resources (NASDAQ:PPTA), and other US critical metals giants such as MP Materials Inc (NYSE:MP).”
Resolution Minerals is a precious and battery metals explorer focused on acquiring and developing antimony, gold, copper, and uranium projects in Australia and the US.
Write to Maddison Elliott at Mining.com.au
Images: Resolution Minerals
