Rex Minerals Limited announced a private placement of 166,666,667 common shares at a price of AUD 0.3 per share for gross proceeds of AUD 50,000,000 on August 4, 2021. The transaction will include participation from new institutional investors, and all of company's non-executive directors. The transaction will close in two tranches. The first tranche will consist of 17,827,303 shares, and is expected to close on August 11, 2021. The second tranche of 148,839,364 shares is expected to close on September 17, 2021, subject to the shareholder approval to be obtained in the general meeting to be held on September 14, 2021. The directors' participation is subject to shareholder approval. The company will incur total issuance expenses of AUD 3,000,000 in the transaction.