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Red Mountain Mining: Raises $800K for work program | Fintech InShorts: Latest fintech news, analysis by experts

Less than 1 min.Read

Red Mountain Mining: Raises $800K for work program

By Steve Sam

September 25, 2020

Red Mountain Mining (RMX) has sucesfully raised $800,000 via a placement to professional and sophisticated investors
The company first announced its plans to tap investors for more cash earlier this week when it locked up its shares in a trading halt
Since then RMX has recieved firm commitments to raise additional capital, via the issue of over 114 million shares worth 0.7 cents each
Additionally, the company wants to issue one attaching option for every two shares issued under the placement
The option would have an exercise price of 0.8 cents and an expiry date of July 14, 2021
Red Mountain said almost all of the $800,000 raised will spent on work program across Mt Maitland, Koonenberry and Mukabe-Kasari projects

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