Red Metal Limited

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Home Investors ASX Announcements Rights Issue to Fund Drill Testing of Base Metal Projects
Rights Issue to Fund Drill Testing of Base Metal Projects
The Company has resolved to conduct a non-renounceable entitlements issue of shares on a 1 for 8 basis at 8.5 cents per share, to raise up to approximately $1,856,951. The offer will be underwritten by Veritas Securities.
 
Funds raised through the entitlements issue will primarily be used to drill test a number of exciting base metal targets within Red Metal’s portfolio and continue to advance the Company’s funding strategy for Maronan Project.
 
The new funds will initially be put to work drill testing:
  • Large stratabound electrical conductors recently identified on the Company’s Lawn Hill project for McArthur River style zinc-lead-silver mineralisation; and
  • “Bulls eye” magnetic targets with supporting copper-bismuth soil geochemistry prospective for high-grade Tennant Creek styles of copper and gold mineralisation.