The Placement was oversubscribed with both existing shareholders and new Australian and international institutional investors participating.
The Placement de-risks the funding requirements to develop the proposed integrated bulk open pit and underground mining and processing operation for the
The Placement will be completed in two tranches, with the second tranche of the Placement subject to shareholder approval at a general meeting of the Company expected to be held on
The two tranches comprise: Tranche one - 171.5 million shares (
The Red 5 Board will contribute
Red 5 Managing Director,
'In particular, I would like to thank our existing shareholders for their ongoing support and welcome a number of new institutional investors to our register.
'This strong outcome reflects the market's confidence in the growth pathway we have mapped out, which will see
'The completion of this Placement puts us in a strong position to transition efficiently into project development following the completion of the bulk mining Final Feasibility Study in the
'We will also be well placed to maintain our long-term focus on exploration, which has already created significant value for our shareholders. We expect this to continue as we maintain our investment in exploration at Darlot as part of our Darlot Mining Hub Strategy and continue to explore the broader King of the Hills system and surrounding tenements.'
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