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Rimfire Pacific Mining launches share purchase plan to follow $2.1 million placement

The share purchase plan is fully underwritten by Trans Global Capital Ltd without any fees being charged.

Rimfire Pacific Mining NL - Rimfire Pacific Mining launches share purchase plan to follow $2.1 million placement
Eligible shareholders have an opportunity to apply for up to $30,000 in new shares

Rimfire Pacific Mining NL (ASX:RIM) has launched a fully unwritten share purchase plan (SPP) to raise up to $500,000 at 1.25 cents per share.

The SPP follows the recent placement which raised $2.1 million to fund ongoing exploration in the prolific Lachlan Fold Belt in central New South Wales.

SPP - key dates

Funding ongoing exploration

Net proceeds from the placement and the SPP will be utilised to fund discovery activities outside of the Golden Plains Resources Pty Ltd (GPR) earn-in area, including:

  • The execution of work programs at the highly prospective Valley Target for a significant size (>1 million ounces gold and/or 1 million tonnes copper) discovery. The work programs will include RC / diamond tail drilling of five existing IP geophysical features in an area of shallow cover with surface rock chip samples of over 1% copper. Additional IP survey work and analysis and follow-up deep RC/diamond tail drilling. This prospect is 5 kilometres to the west of the Mordialloc prospect where Kincora Copper/Rare-X are obtaining interesting porphyry copper results;
  • Aircore drill testing of the Greater Cowal Area that has about 40 metres of transported cover to obtain bedrock samples that show evidence of rock types, alteration, geochemistry or mineralisation supportive of a large scale mineralised system;
  • General exploration activities, government compliance and project evaluation; and
  • Provide ongoing working capital for the company.

Earn-in payment from GPR

Rimfire recently received $580,000, inclusive of GST, as part of the earn-in and JV agreement with GPR.

The funds are in relation to the outstanding balance of the administration fee, and the initial first-quarter work program budget cash call under the agreements over the Fifield project that includes Sorpresa gold resource.

“Strategy to discover large-scale ore body”

Rimfire managing director Craig Riley said last week: “The SPP provides our shareholders the opportunity to obtain additional equity under the same terms as the placement.

“The proceeds from the capital raising will ensure Rimfire is able to continue execution of our strategy to discover a large-scale copper/gold or gold ore body within our exploration licences located in the exciting and very prospective Lachlan Fold Belt in central NSW.”

Quick facts: Rimfire Pacific Mining NL

Price: 0.01 AUD

ASX:RIM
Market: ASX
Market Cap: $18.06 m
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Rimfire Pacific Mining outlines new focus and exploration potential for Sorpresa

Rimfire Pacific Mining (ASX:RIM) managing director and chief executive officer Craig Riley, and consulting geologist Michael Love update Proactive Investors, on a new focus and exploration potential in the South and North prospect areas of the Sorpresa project at Fifield, central NSW. The...

on 11/7/19

2 min read