London-listed Rome Resources has conditionally raised approximately £1.2 million ($1.6 million) through a direct subscription of 400 million new ordinary shares at 0.30 pence (US 41 cents) each, representing an 8.6% discount to the five-day volume-weighted average price.
Admission to trading on AIM is expected on or around May 5.
The company will use the net proceeds to continue drilling at its Kalayi project in the Democratic Republic of Congo, expand resource estimates, drill two high-grade copper and tin targets at Mont Agoma, and conduct an airborne geophysical survey across its licence areas.
“We are extremely grateful for the continued backing of our existing shareholders, whose additional funding, secured following our most successful drilling campaign to date at Kalayi in the Democratic Republic of Congo, positions the company to further accelerate growth and expand our tin resource,” said company chief executive Paul Barrett.
“This strong support reinforces confidence in the scale and potential of the company’s projects.”
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
