Rimfire Pacific Mining NL (ASX:RIM) has completed an investor-led placement, raising $500,000 to help execute the next phase of discovery at highly prospective gold and copper-gold projects in central New South Wales.
The placement has been made to a consortium of professional and sophisticated investors through Fresh Equities.
It consists of 156.25 million new fully paid ordinary shares to be issued at 0.32 cents each and includes one free attaching option for every new share issued.
These options will be in the same class as the existing quoted options (ASX:RIMOC), exercisable at 1 cent per option and expiring on May 1, 2020.
Rimfire managing director Craig Riley said, “We are very pleased with the strong support of Fresh Equities and their investors for this raising which will allow Rimfire to focus on current drilling programs in the Northern and Southern areas.”
Placement funds will be used to execute Rimfire’s next phase of discovery activity for the Northern Gold, Northern Area and Southern Area and for general working capital purposes.
These prospects form part of the Fifield project which also hosts the company’s Sorpresa gold and silver discovery.
“Robust” Northern Gold assessment
Riley said, “These funds will also allow a more robust assessment of the Northern Gold prospect which is considered part of an IRGS (Intrusion Related Gold System) that also includes Casuarina Valley and Fortuna.”
The placement is expected to settle on Thursday, October 17, 2019, with the new shares and new options expected to be issued on Friday, October 18, 2019.
Rimfire’s 915 square kilometre Fifield exploration project is 100 kilometres west of Parkes and within the Lachlan Transverse Zone (LTZ) of NSW.
This prolific zone includes gold projects such as Cowal and Tomingley and copper-gold projects such as Cadia and Northparkes.
Multiple prospects with potential for further gold discoveries exist in the area around Sorpresa.