Ram Resources (ASX: RMR) is focused on the Motzfeldt multi element project in Southern Greenland, which is targeting rare earths - tantalum, niobium and zircon.
Motzfeldt has immediate exploration targets and the company believes it has the potential to become a future world-class multi element project.
Ram Resources to raise up to A$1m for working capital, Greenland rare earth project
Ram Resources (ASX:RMR) will raise up to $1 million via a placement of up to 50,000,000 ordinary shares at an issue price of $0.02 each for general working capital.
The shares will have a free attaching listed option on a one for one basis, exercisable at $0.03 on or before 30 March 2012 (in the same class as the existing RMRO listed options) to clients of Indian Ocean Capital.
The placement will be completed in tranches, with up to 50,000,000 ordinary shares and 50% (up to 25,000,000) of the free attaching listed options, issued initially.
The remaining 50% (25,000,000) of the free attaching listed options will be issued subject to shareholder approval.
On January 27 Ram's trenching results at the Motzfeldt Project in Southern Greenland pointed to higher rare earth mineralisation.
The key outcome for the 2011 exploration program, which commences in June, will be to gather sufficient data to estimate a JORC compliant Inferred Mineral Resource at the Aries target.
Ram Resources is currently trading at $0.023.
