Rimfire Pacific Mining (ASX:RIM) has appointed Bronwyn Barnes as executive chair and wrapped up a $2.3 million placement to advance its scandium portfolio.
The company received commitments for 287.5 million shares at $0.008 each, representing a 27% discount to the 31 July closing price of $0.011. Directors and management committed $580,000 to the placement, with Barnes and outgoing chair Ian McCubbing each investing $200,000.
Set to assume the executive chair role from 1 September, Barnes currently serves as executive chair of Indiana Resources (ASX:IDA) and non-executive chair of Finder Energy (ASX:FDR) and Freedom Metals Acquisition (NASDAQ:FDMM).
McCubbing says Rimfire is ‘delighted’ to welcome Barnes onboard.
“Bronwyn has a strong track record of building strategic partnerships, securing funding, and delivering the commercial outcomes required to create long-term shareholder value,” McCubbing says.
“As Rimfire advances its scandium portfolio, her expertise in taking projects from resource definition through technical development and into commercial execution will be invaluable.”
McCubbing is transitioning to non-executive director, while Managing Director David Hutton has been designated as technical director to lead exploration and resource development.
Non-Executive Director Andrew Knox is also set to retire at the forthcoming annual general meeting.
Speaking on Rimfire’s completed placement, Barnes says the company is entering an important phase of growth.
“Scandium is transitioning from an emerging critical mineral to one of growing strategic importance, with demand accelerating across advanced manufacturing, AI data centre, defence, and aerospace industries,” Barnes says.
“[Rimfire has] a clear opportunity to establish itself as a leading Australian scandium development company.”
The placement comprises 214.3 million shares under existing placement capacity and 73.2 million shares subject to shareholder approval at a September general meeting. Participants receive one free attaching option for each share, exercisable at $0.015 and expiring 31 August 2029.
Funds will be earmarked for metallurgical studies, drilling programs, and general working capital. Rimfire says it is targeting resource expansion while developing technical and commercial pathways to support future development.
Settlement of the first tranche occurs around 12 August, with ASX quotation to follow. The second tranche and all attaching options require shareholder approval at the September meeting.
Rimfire Pacific Mining is an explorer focused on the discovery of critical minerals in New South Wales.
Write to Paula Fabe at Mining.com.au
Images: Mining.com.au
