By Devika Patel
Knoxville, Tenn., March 6 - Rex Minerals Ltd. said it has conditionally raised A$5.51 million in a private placement of stock.
The company will sell 13,775,000 shares at A$0.40 per share.
The placement will be completed in two equal tranches of about A$2.76 million. The first tranche will be issued on March 13. The second tranche will be issued following shareholder approval, which is expected to be sought at a general meeting on April 22.
Proceeds will be used for exploration and evaluation at the company's copper-gold-uranium prospects.
Rex Minerals is a Ballarat West, Australia, mineral exploration company.
| Issuer: | Rex Minerals Ltd.
|
| Issue: | Stock
|
| Amount: | A$5.51 million
|
| Shares: | 13,775,000
|
| Price: | A$0.40
|
| Warrants: | No
|
| Announcement date: | March 6
|
| Settlement date: | March 13 (for A$2,755,000), April 22 (for A$2,755,000)
|
| Stock symbol: | Australia: RXM
|
| Stock price: | A$0.425 at close March 6
|
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