03/09/2019 - 14:14

Rumble raises $3.75m at a premium

03/09/2019 - 14:14

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West Perth-based Rumble Resources has raised $3.75 million to advance early-stage drilling at its Panache nickel–copper–cobalt–gold project in Canada.

Rumble raises $3.75m at a premium
Rumble sold a majority stake in its Lamil gold-copper project in July. Photo: Rumble Resources

West Perth-based Rumble Resources has raised $3.75 million to advance early-stage drilling at its Panache nickel–copper–cobalt–gold project in Canada.

Shares were issued at 7.5 cents each, which represents a 12 per cent premium to its 30-day, volume-weighted share price average.

The strategic placement was underpinned by two new cornerstone investors – the Copulos Group and a principal of Bennelong Asset Management.

Gleneagle Securities acted as lead manager to the placement.

Funds raised will go towards an exploration campaign at Panache, with Rumble set to drill testing two side by side conductors that are located below a large exposed mineralised gossan.

Managing director Shane Sikora said the company was pleased to welcome the calibre of the two new cornerstones as shareholders.

In July, AIC Resources struck a deal to spend up to $10 million in cash for a majority stake in Rumble Resources’ Lamil gold-copper project in the Paterson Province.

It has six projects in Australia, and two in Canada.

Shares in Rumble jumped 18.8 per cent to trade at 9.5 cents each at 3.40pm AEST.

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