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Rimfire Pacific Mining NL directors participate in rights issue

The company plans to start drilling this quarter at multiple targets within its Sorpresa Project.

Rimfire Pacific Mining NL - Rimfire Pacific Mining NL directors participate in non-renounceable rights issue
Rimfire is exploring for a major copper-gold or gold mineralised system in NSW

Rimfire Pacific Mining NL (ASX:RIM) directors have taken up their entitlements under the recent non-renounceable rights issue.

The company's chairman Ian McCubbing acquired 2.95 million shares increasing his total holding to 5.14 million shares.

Non-executive director Andrew Greville acquired 750,000 shares increasing his holding to 3 million shares.

The company recently placed $300,000 of the shortfall from its non-renounceable rights issue which raised around $500,000 before costs.

Successful raising to support work programs

The additional funding will support the delivery of work programs for the Northern Gold, Northern Area and Southern Area prospects at the Sorpresa Project in Central West NSW.

Rimfire managing director Craig Riley said: “The successful capital raising by the company of $800,000 before capital raising costs will allow the immediate progression of work programs towards a discovery.”

Reconnaissance mapping is in progress in the Northern Area and drilling will begin in early September, subject to completion of landholder clearance processes and availability of preferred contractor drill rigs.

Quick facts: Rimfire Pacific Mining NL

Price: 0.003 AUD

Market: ASX
Market Cap: $4.53 m

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Rimfire Pacific Mining outlines new focus and exploration potential for Sorpresa

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on 11/7/19

2 min read