10/02/2015 - 12:18

RTG raises $15m for Philippines projects

10/02/2015 - 12:18

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Subiaco-based explorer RTG Mining has raised $15 million through the placement of about 22 million shares to fund exploration and development of its projects in the Philippines.

RTG raises $15m for Philippines projects

Subiaco-based explorer RTG Mining has raised $15 million through the placement of about 22 million shares to fund exploration and development of its projects in the Philippines.

RTG said the placement was completed at a price of 68 cents per share, representing a 1.5 per cent discount to its last traded price on the ASX.

The company plans to use the proceeds from the placement to fund permitting and development of the Mabilo magnetite project, and to fund exploration at its Bunawan gold project, both of which are located in the Philippines.

Chief executive Justine Magee said the funds raised would put the company in a strong financial position with cash and liquid assets of about $20.5 million, leaving RTG well funded to progress the Mabilo project.

The shares will be issued in two separate tranches.

Hartleys and GMP Securities acted as Australian joint lead managers, while Haywood Securities acted as the North American lead manager.

RTG shares have been trading on a low since it announced the departure of Matthew Syme in September last year.

Mr Syme was managing director of copper-gold developer Sierra Mining, which merged with RTG last year.

RTG is an exploration company listed on both the ASX and Toronto Stock Exchange.

RTG shares were up 5.9 per cent to 71 cents per share at 12:15pm.

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