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Rimfire Pacific Mining raises $1.1 million to advance Sorpresa development and regional exploration

Shortfall shares are to be distributed to sophisticated and ineligible shareholders.
Funding sign
Rimfire shares were up more than 11% in morning trade

Rimfire Pacific Mining NL (ASX:RIM) has raised $1,127,765 before costs in a non-renounceable rights issue of more than 125.3 million shares.

The raising comprised one new share for every four held at an application price of 0.9 cents a share, with one free attached option for every new share and commitments over the shortfall to new and ineligible shareholders.

 

Funds will be used to implement Rimfire’s dual strategy of assessing the Sorpresa Gold-Silver Project in NSW and regional discovery exploration.

This will include building on important milestones already established at Sorpresa and advancing the region’s emerging gold and copper signature.

Rimfire chief executive officer John Kaminsky said: “The company has received applications for over $1.1 million before costs in this process.”

He noted that the capital raising had been very successful in the context of difficult global market conditions and thanked shareholders and participants for their ongoing support.

READ: Rimfire Pacific Mining adds new tenements with potential to host Ordovician age rocks

The raising includes about $50,000 over-subscription from Rimfire’s chairman Ian McCubbing and non-executive director Andrew Greville, as well as pre-subscriptions for the shortfall from sophisticated and ineligible shareholders.

More than 55 million shortfall shares have been applied for out of the total 235.8 million offered, leaving 110.5 million shortfall shares available to be placed.

Kaminsky said Rimfire was continuing to work with CPS Capital to place shortfall shares through the Perth-based broker’s various networks.

Nearly 70 million shares, including oversubscriptions, were applied for during the placement.

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