Resource & Investment plans $6.2m raising

Subiaco-based explorer Resource and Investment has announced plans to raise up to $6.2 million through a discounted placement and share purchase plan.

RNI will issue 13 million shares at 7.5 cents each to raise $975,000, while also aiming to raise up to $5.75 million through a share purchase plan at the same issue price.

The issue price represents a 16.6 per cent discount to the company's closing price yesterday.

Blue Ocean Equities is managing the placement.

RNI said the funds would be used to accelerate exploration at its Grosvenor copper-gold project in the Bryah Basin near Meekatharra.

The company's shares slumped 11 per cent lower to 8 cents at 9:58am WST.