Rimfire Pacific Mining (ASX:RIM) directors have continued to show their confidence in the company by participating in a non-renounceable 1:4 rights issue shortfall.
The shortfall issue follows the company’s non-renounceable rights issue earlier this month which raised $1.1 million.
Non-executive chairman Ian McCubbing and non-executive director Andrew Greville both participated in the shortfall, as approved by shareholders at the company’s annual general meeting on November 15, 2018.
READ: Rimfire Pacific Mining identifies high-priority target with potential to host gold mineralisation
McCubbing acquired 4.338 million shares valued at more than $39,000 and now holds more than 8.857 million shares in two indirect interests.
Greville purchased 1 million shares valued at $9,000 and now holds 2.25 million shares in an indirect interest.
Both also received the same amount of free-attaching options which are exercisable at 2.2 cents per option with expiry on May 1, 2020.
READ: Rimfire Pacific Mining board of directors subscribe to more than 3.1 million shares in rights issue
The board of directors also participated in the earlier rights issue with McCubbing subscribing to 903,877 shares worth more than $8,000 and Greville to 250,000 shares.
Managing director and CEO John Kaminsky subscribed to 222,222 shares, bringing his total holding to more than 33.6 million shares.
Non-executive director Ramona Enconniere subscribed to more than 1.742 million shares valued at more than $15,600, bringing her total holding to more than 10.81 million.
Funds raised from the rights issue and shortfall will be used to implement Rimfire’s dual strategy of assessing the Sorpresa Gold-Silver Project in NSW and regional discovery exploration at the wider Fifield project.
The company recently confirmed six priority targets near Sorpresa through the integration of high-resolution gravity survey results with past exploration data.