Rome Resources raises £1.2m to advance DRC tin, copper exploration
London-listed tin and copper exploration company Rome Resources has conditionally raised about £1.2-million through a direct subscription, with existing shareholders, of 400-million new ordinary shares of 0.1p each in the company at a price of 0.30p apiece.
The issue price represents a discount of about 8.6% to the five-day volume-weighted average price.
Application will be made to the LSE for the 400-million new ordinary shares to be admitted to trading on the Aim and it is expected that this admission will become effective on or about May 5.
“We are extremely grateful for the continued backing of our existing shareholders, whose additional funding, secured following our most successful drilling campaign to date at Kalayi in the Democratic Republic of Congo (DRC), positions the company to further accelerate growth and expand our tin resource.
“This strong support reinforces confidence in the scale and potential of the company’s projects,” Rome CEO Paul Barrett comments.
Rome intends to use the net proceeds of the subscription to continue drilling at its Kalayi project to provide further resource expansion beyond the next mineral resource estimate (MRE).
The net proceeds of the subscription will also enable Rome to drill the two high-grade copper and tin targets at Mont Agoma, in the DRC, as well as to conduct an airborne geophysical survey, which is currently being planned to assess further exploration targets within the remit of Rome’s licences.
The company believes the planned Kalayi MRE will further strengthen its position regarding discussions with potential strategic partners.
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