Redstone raises $1.65m for copper project

Redstone Resources has raised $1.65 million to fund exploration of its 100 per cent owned Tollu copper project in the West Musgrave region of Western Australia.

The company received firm commitments for 33 million fully paid shares in the company at 5 cents per share for the capital raising.

“Given the challenging market conditions that currently prevail, we are very pleased with the strong support shown for the placement which reflects the quality of Tollu,” Redstone chairman Richard Homsany said.

"With new management and the outcomes from the recent strategic and operational review, the company is well positioned to focus on demonstrating Tollu’s extensive exploration potential.”

In November last year, Brett Hodgins was appointed as a technical director of the company as Anthony Ailakis resigned as a director.

“Shareholders can look forward to an exciting period of assay results and news flow in the short term,” Mr Homsany said.

Redstone shares are unchanged after a self-imposed trading halt, trading at 50 cents per share as of 8am, WST.