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RED MOUNTAIN MINING LIMITED — Capital/Financing Update 2014
Oct 13, 2014
65719_rns_2014-10-13_8aaa843c-f012-48fd-b4c8-eddf300449fc.pdf
Capital/Financing Update
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RED MOUNTAIN MINING LTD (ASX:RMX)
14 October 2014
ASX ANNOUNCEMENT
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WITHDRAWAL OF RIGHTS ISSUE
Perth, Western Australia: Red Mountain Mining refers to its pro-rata, renounceable rights issue on the basis of two new shares for every nine shares held by shareholders on the record date, at an issue price of $0.008 (0.8 cent) per new share, together with a free attaching option on a one for two basis, exercisable at $0.012 on or before 31 March 2016 ( Rights Issue ), as announced on 15 September 2014.
The Rights Issue was underwritten by Patersons Securities Limited ( Underwriter ) pursuant to an Underwriting Agreement dated 18 September 2014. The Underwriter had discretion to terminate its obligations under the Underwriting Agreement on the occurrence of a number of events before completion of the Rights Issue. This included if the shares of the Company finished trading over any three trading days with a closing price less than the offer price of $0.008.
The Underwriter has provided the Company with notice that it has exercised its right to terminate the Underwriting Agreement pursuant to the abovementioned termination provision. Consequently, the Rights Issue has been withdrawn and the Company will return all funds received from shareholders.
The Company is currently considering alternate funding options that it has available, and will provide an update to the market in due course.
For further information about Red Mountain please visit www.redmm.com.au or contact:
Company Investors Media Jon Dugdale Matt Birney Managing Director Birney Corporate (+61) 402 298 026 (+61) 419 217 090 (+61) 8 9226 5668 (+61)8 9226 5668 E: [email protected] E: [email protected]
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ASX code: RMX ABN 40 119568106
COMPANY DIRECTORS Neil Warburton Non-Executive Chairman Jon Dugdale Managing Director
CONTACT DETAILS Michael Wolley RED MOUNTAIN MINING LTD Non-Executive Director Head Office Shannon Coates Unit 1, 2 Richardson Street Company Secretary West Perth Western Australia 6005 www.redmm.com.au [email protected]