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Additional information
Additional Information
Market: ASX
Sector: General Mining
Epic: RCP
News: Latest news
Web Site: Redbank Copper
Other Articles: 11-12-200926-11-200910-11-2009

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Redbank Copper

Redbank Copper

Redbank Copper is an Australian based ASX-listed resource company (ASX: RCP) focused on the exploration and development of high grade copper sulphide targets at its Northern Territory copper project. The tenement package included numerous advanced copper targets, and has an identified JORC resource of 5.3 million tonnes at a grade of 1.44% copper.

Friday, December 11, 2009

Redbank Copper arranges US$7.5 million development funding

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Australian resource company Redbank Copper (ASX: RCP) has entered into an agreement with United States institutional investor La Jolla Cove Investors  for the issue of up to five convertible notes each with a face value of US$1.5 million to raise a maximum of US$7.5 million.

Interest on outstanding funds will be at an annual rate of 4.75% payable monthly.

Following the announcement, shares in the company increased 7.7% to 1.4c.

La Jolla Cove Investors is a private, family-backed investment company that provides financing to small-cap, publicly traded companies in the United States and abroad.

Redbank Managing Director Bruce Morrin said La Jolla has built its reputation as a reliable source
of capital for small public companies.

"We are delighted La Jolla have supported Redbank as we build our Company to become a small reliable copper cathode and copper concentrate producer," Mr Morrin said.

“It is difficult to raise start up capital in Australia and La Jolla see the distinct value creation potential by supporting companies early in their development stage."

The funds will go towards assisting in construction of the solvent extraction electro winning cathode
plant and general working capital.

Redbank announced last month it had reached an agreement for the design and construction of a small low risk, fit for purpose modular SX-EW Plant to produce 2100 tonnes of LME grade A 99.99% copper cathode per year.

The plant is scheduled to mobilise to site in the 2nd Quarter 2010 with construction aimed to be completed during the 3rd Quarter 2010.

The company is focused on the development of the Redbank Copper Mine in the north east of the Northern Territory.

The project is located in the Redbank Mineral Field in the NT, where the Company holds a substantial ground position. The region hosts significant economic copper mineralisation and is highly prospective for copper, cobalt, phosphate, manganese and uranium.

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