Electric vehicle (EV) and clean energy storage sector metal explorer Revolver Resources (ASX:RRR) has received the second tranche of an equity placement announced on 2 May 2023.
The company, which has a $43.13 million market capitalisation, says the completion of this tranche has seen the issue of a further 5 million new shares at $0.13 per share in exchange for gross subscription proceeds of $650,000.
Revolver reports this represents the aggregate subscription of Revolver Directors and related parties to the equity placement, the issuance of which was approved at its General Meeting held on 27 June 2023.
The placement was undertaken to raise up to $5 million to accelerate Revolver’s 2023 exploration at both the Osprey and Dianne projects.
The company notes this fresh payment has been completed following the delivery of a diamond drill rig to its Dianne Project in northern Queensland ahead of a scheduled 2,000m diamond drill program, as announced by Revolver earlier this week (11 July 2023).
This drilling program has been designed to test 3 helicopter electromagnetic (Heli-EM) targets in the Larramore Volcanic Belt, where recent field mapping activities identified an 8km north-south gossanous outcrop among a high copper endowment.
Addressing the delivery of the drill rig, Revolver Resources Managing Director Pat Williams said: “We are pleased to be embarking upon the next drill campaign at our highly prospective Dianne Project. The fieldwork done by our team within the Larramore Volcanics over recent months has been highly instructive and allowed for even sharper refinement of priorities within our exciting drill target pipeline at Dianne.”
Revolver Resources is a publicly listed explorer focused on the development of natural resources for the world’s accelerating electrification, though its near-term focus is set on copper exploration in proven Australian jurisdictions.
The company’s Dianne Project is located within the proven polymetallic Hodkinson Province in North Queensland and comprises 6 mining leases, 3 exploration permits, and a 70:30 joint venture (JV).
Revolver Resources had $1.26 million cash at hand at the end of 31 March 2023 prior to the launch of the $5 million capital raising, as stated in its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Revolver Resources Holdings Ltd
