Business
RTG Mining Inc. Announces Strong Support for US$15M Private Placement
PERTH, AUSTRALIA--(Marketwired - July 14, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES RTG Mining
About this update from Rtg Mining, Inc.
[{"type":"text","content":"PERTH, AUSTRALIA--(Marketwired - July 14, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES RTG Mining Inc. (TSX:RTG)(ASX:RTG) (\"RTG\" or the \"Company\") is pleased to announce that the Company has received commitments to raise approximately US$15 million in a private placement to Australian and international institutional and sophisticated investors (\"Private Placement\") led in Australia by Hartleys Limited and co-managed by Taylor Collison (the \"Australian Agents\" and co-led internationally by BMO Capital Markets, together with a syndicate of agents including Tectonic Advisory Partners (acting through Ecoban Securities Corporation), Arlington Group Asset Management Limited and Raymond James, (the \"International Agents\"), together with the International Agents, the \"Agents\") on a best efforts agency basis. The Private Placement was heavily oversubscribed, reflecting the quality of the high grade, near term copper-gold production opportunity at the Mabilo Project and the strong exploration potential at both the Mabilo and Bunawan Projects. The Private Placement of approximately 33 million Shares, including the overallotment option and a portion of non-brokered shares, has been priced at A$0.60 per Share, representing a 14.2% discount to RTG's 5 day VWAP on the ASX and a 7.6% discount to RTG's 15 day volume weighted average ASX price. Completion of the Private Placement is subject to a number of conditions, including the completion of due diligence by the Agents, the negotiation and execution of definitive Agency agreements, satisfaction of any regulatory requirements, receipt of the approval of the Toronto Stock Exchange (the \"TSX\") to list the Shares on the TSX and the subsequent listing of the Shares on both the TSX and the Australian Securities Exchange (the \"ASX\"). The Shares issued pursuant to this Private Placement in Canada will be subject to a four month and one day hold period under applicable Canadian securities laws. The closing date for the Private Placement is scheduled to occur on or about July 22, 2016, or such other date as agreed to by the Company and the Agents. The net proceeds from the Private Placement will be used to fund exploration and development of the Mabilo Project and exploration of the Bunawan Project as well as for working capit...