Funds raised for feasibility studies on Buena Vista magnetite project
By Marisa Wong
Madison, Wis., Oct. 14 - Richmond Mining Ltd. announced it will raise A$1.33 million through a placement of ordinary shares.
The company will sell 3.5 million ordinary shares to institutional clients of Veritas Securities Ltd.
Richmond will sell the shares at A$0.38 per share. The price per share represents a 12.62% discount to the Oct. 13 closing share price of A$0.43.
The issue of the shares will be subject to shareholder approval at the company's general meeting to be held on Nov. 19.
Proceeds will be used to expedite feasibility studies on the company's Buena Vista magnetite project in Nevada.
Richmond Mining is a Belmont, Western Australia-based mineral exploration company.
| Issuer: | Richmond Mining Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$1.33 million
|
| Shares: | 3.5 million
|
| Price: | A$0.38
|
| Warrants: | No
|
| Agent: | Veritas Securities Ltd.
|
| Pricing date: | Oct. 14
|
| Stock symbol: | Australia: RHM
|
| Stock price: | A$0.415 at close Oct. 14
|
| Market capitalization: | A$14.2 million
|
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