Revolver Resources (ASX:RRR) is raising $1.35 million to advance its Dianne Copper Mine Project in northern Queensland, as the group seeks to assess a final investment decision later this year.
The company will issue 19.3 million shares at $0.07 per share, representing a 19.5% discount to the last closing price on 11 September and 21.7% discount to the 10-day volume weighted average price (VWAP).
In conjunction with this offer, Revolver will issue one free attaching option to shareholders per every two shares subscribed, exercisable at $0.13 per option to expire 30 September 2028.
The placement is expected to settle on 19 September, before shares are issued on 22 September.
Ignite Equity is acting as the lead manager under commercial terms earning a 6% fee.
Managing Director Pat Williams says Revolver appreciates new and existing shareholders’ support for the placement, which the company expects to deliver value over the coming months and years.
“This raising delivers Revolver the runway it requires to progress ongoing site pre-development works while advancing all other workstreams towards a targeted final investment decision on the short-lead, capital-lite Dianne Copper Mine Project in late 2025,” Williams says.
Revolver Resources is an Australian explorer focused on developing resources needed for the global shift towards electrification, owning a whole stake in two copper projects located in Queensland.
Write to Maddison Elliott at Mining.com.au
Images: Revolver Resources
