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Rimfire Pacific outlines $2.1 million rights issue to fund dual strategy

The rights issue will open next Friday 12 October 2018.
speech bubble that says the word funding
Shareholders can apply for one new share for every four shares held

Rimfire Pacific Mining NL (ASX:RIM) is set to open a 1:4 non-renounceable rights issue priced at 0.9 cents to raise up to $2.1 million.

For every new share, participants will receive one free attaching option exercisable at 2.2 cents expiring 1 May 2020.

Funds will be used to implement the dual strategy of assessing the Sorpresa Gold Silver Project and regional discovery exploration.

READ: Rimfire Pacific Mining enters trading halt ahead of capital raising

Funding will enable Rimfire to continue with its work programs at the Fifield Project area in New South Wales.

This includes building upon the important milestones already established at Sorpresa and further advancing the regional discovery of an emerging gold and copper signature.

Rimfire’s CEO John Kaminsky said: “The company looks forward to unlocking a potential pathway for economic success at Sorpresa with the objective of generating some cash for future extensional and regional discovery programs, which remain highly prospective.

New Gold partnership has proved successful

“The New Gold Inc. partnership recognised the potential of the Fifield Project area to yield large discoveries, and this foundation of work in 2017/18 has underpinned parts of our regional opportunities going forward.

Notably, the company continues to seek potential commercial partners for its project areas.

Kaminsky added: “The company has now significantly transformed the Fifield district with a clear gold and copper association.

“Rimfire’s Fifield Project occurs in one of the most important gold-copper corridors in the world, the LTZ (Lachlan Transverse Zone), and we are now well placed to pursue “company making discoveries” that have a capacity to transform the company.”

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