Resolute completes $40m equity raising

Resolute Mining has successfully completed an equity raising of $40 million to close its gold hedge book.

"Resolute has received approval from its hedge book counterparties, Barclays Capital and
Investec, to neutralise, through forward gold purchases, the portion of the hedge book not closed out with the proceeds from the equity raising," the company said in a statement to the Australian Securities Exchange.

"As a result, Resolute will become effectively unhedged and fully exposed to gold price movements," the statement said.

The funds were raised through a combination of an institutional placement and exercise of existing listed options.

Resolute said approximately 11.8 million shares were issued at $1.24 per share under the placement and approximately 42.4 million options were exercised at a price of $0.60 per option.

Resolute's CEO Peter Sullivan said, "The removal of the hedge book will provide us with full gold price exposure and is expected to significantly improve our operating cash flow as we continue to grow our business."

Resolute was advised by Morgan Stanley Australia Securities who also acted as underwriter to the raising.

See company statement below:

Resolute Mining Limited is pleased to announce that it has successfully completed an
equity raising of A$40 million. The net proceeds from this raising will primarily be applied to the close out of Resolute's gold hedge book with the balance used for working capital and general corporate purposes.

Resolute has received approval from its hedge book counterparties, Barclays Capital and
Investec, to neutralise, through forward gold purchases, the portion of the hedge book not closed out with the proceeds from the equity raising.

As a result, Resolute will become effectively unhedged and fully exposed to gold price
movements.

The equity proceeds were raised through a combination of an institutional placement and exercise of existing listed options (ASX:RSGO).

A total of approximately 11.8 million shares were issued at A$1.24 per share under the placement and approximately 42.4 million options were exercised at a price of A$0.60 per option.

Resolute's CEO, Peter Sullivan said "the removal of the hedge book will provide us with
full gold price exposure and is expected to significantly improve our operating cash flow as we continue to grow our business."

Resolute was advised by Morgan Stanley Australia Securities Limited who also acted as
underwriter to the raising.