Business
US$6M Raised in Strongly Supported Private Placement
Not for release to US wire services or distribution in the United States Announcement t...
About this update from Rtg Mining, Inc.
[{"type":"text","content":"US$6M Raised in Strongly Supported Private PlacementNot for release to US wire services or distribution in the United StatesAnnouncement to The Toronto Stock Exchange and Australian Stock ExchangeHIGHLIGHTSUS$6 million to be raised via institutional share placementPlacement strongly supported by a number of leading Australian and international institutional investorsPlacement strengthens RTG's balance sheet as the Company continues to progress the Mabilo project together with other business development opportunitiesSUBIACO, WESTERN AUSTRALIA / ACCESSWIRE / May 22, 2020 / The Board of RTG Mining Inc. (\"RTG\", the \"Company\") (TSX:RTG)(ASX:RTG) is pleased to announce that the Company has received commitments to raise approximately US$6 million (circa A$9.2 million) in a private placement to Australian and international institutional and sophisticated investors (\"Private Placement\").Hartleys Limited, together with INTE Securities LLC and M2-Advisors (the \"US Placement Agent\"), acted as Joint Lead Managers to the Private Placement.The Private Placement received strong institutional support, demonstrating the considerable interest in RTG's interest in the high grade copper/gold/magnetite Mabilo Project in the Philippines and the Company's other potential opportunities.The Private Placement will result in the issue of approximately 162 million Chess Depository Instruments (\"Securities\") to be listed on the ASX at an issue price of A$0.057 per Security, representing only a 1.7% discount to RTG's last closing price on the ASX of A$0.058.Net proceeds of the Private Placement will be used:to work towards finalizing the Mining Licence permitting on the Mabilo Project whilst the Company awaits the handing down of a decision on the Arbitration in Singapore;to continue to support the advancement of the Mabilo Project towards start-up, the first phase being a Direct Shipping Operation;to continue to pursue new potential business development opportunities;for partial repayment of the Corporate Loan Facility; andfor working capital and general corporate purposes.Placement Details The Private Placement consists of 162 million new Securities to be issued at an issue price of A$0.057 per Security (\"Issue Price\") to raise total funds of circa US$6 million. The Securities will be issued in two tranches as below:Tranche 1 - Comprising 60,128...