Rome Resources launches £200 000 share placing to fund DRC drilling
Aim-listed Rome Resources has announced plans to raise £200 000 through a placing of 100-million new ordinary shares, primarily to JLE Group, to support additional drilling on its Kalayi and Mont Agoma tin discoveries in the Democratic Republic of Congo (DRC).
The new shares will be issued at a price of 0.2p each, representing a 10.5% premium to the closing mid-market price of 0.181p a share on November 25, the last practicable business day prior to the announcement.
Rome also intends to issue warrants to subscribers of the placing. Each warrant will entitle the holder to acquire one new ordinary share at 0.4p at any time within three years of issue. The warrants will be non-transferable without the company’s consent and will not be admitted to trading on Aim or any other stock exchange.
The issuance of warrants is subject to shareholder approval at a general meeting, with a notice to be posted in due course. In addition, the company plans to issue one-million broker warrants to Zeus Capital, exercisable under the same terms.
"This support from JLE provides funding for any additional work the company wishes to undertake associated with the upcoming drilling programme on Bisie North. Management is looking forward to commencing operations soon and will provide regular updates of its progress and results," Rome CEO Paul Barrett said.
The proceeds from the fundraising are intended to fund contingent additional drilling on the Kalayi and Mont Agoma tin discoveries in the DRC, supporting the company’s ongoing exploration activities in the region.
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