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RESOLUTION MINERALS LTD — Capital/Financing Update 2022
May 17, 2022
65717_rns_2022-05-17_25d9c76e-6c3d-4a25-a9f5-cb0efc4fbcbe.pdf
Capital/Financing Update
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18 May 2022
PLACEMENT AND OPTIONS ENTITLEMENT OFFER TO PROGRESS THE 64NORTH PROJECT - ALASKA
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Strong demand from institutional and sophisticated investors via a $1.86m Placement
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• Shareholders are invited to participate in a $0.82m Options Entitlement Offer (Offer) at a price of $0.002 per Option. Options will have an exercise price of $0.015 per Share and expiry of 31 July 2025. Resolution will seek to have the Options quoted on the ASX.
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• Funding enables:
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Drilling high priority gold targets at Tourmaline Ridge - 64North Project, in June
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Milestone payments to earn a 51% interest in the 64North Gold Project - Alaska
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oExploration activities in the NT, on the Carrara Range Project and working capital
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Farm-in funding from OZ Minerals will progress the Wollogorang and Benmara Projects in the Northern Territory (NT); both are prospective for copper and other base metals.
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Resolution is now fully funded to advance three significant projects in 2022
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Resolution Minerals Ltd (ASX: RML ) ( Resolution or the Company ) is pleased to announce it has received firm commitments for a placement of fully paid ordinary shares in the Company (Shares) to institutional and sophisticated investors to raise a total of $1.86 million (before costs) at an issue price of $0.012 per Share (Placement) to progress exploration at the Company’s 64North and Northern Territory Projects.
Participants in the Placement will also be offered one option to acquire Shares ( Option ) for every one (1) Share issued under the Placement, for no additional consideration. The Options will have an exercise price of $0.015 per Share and expiring on 31 July 2025. The issue of Options will be subject to shareholder approval.
The Company also intends to offer all eligible shareholders the opportunity to participate in a $0.82 million non-renounceable entitlement offer to acquire Options at an issue price of $0.002 per Option (Entitlement Offer). Importantly, the Options to be issued pursuant to the Entitlement Offer are of the same class as the Placement Options. DealAccess powered by PAC Partners acted as Lead Manager to the Placement.
Funds received from the $1.86 million Placement and $0.82 million Rights Issue will be used for drilling at the Tourmaline Ridge Prospect at the 64North Project, progressing Resolution’s Carrara Range Project in the Northern Territory and for working capital.
CAPITAL STRUCTURE
BOARD
Ordinary Shares Issued 665 M
Options and rights Listed options 6 M @ 10c Listed options 74 M @ 12c Unlisted options 13 M @ 10c Unlisted options 79 M @ 3c Unlisted rights 28 M
Last Capital Raise Sep-Oct-21 - Placement and SPP $3.7M @ 2c
Craig Farrow - Chair Dr Paul Kitto – TED Duncan Chessell - NED Andrew Shearer - NED Jarek Kopias - Co Sec
Level 4, 29 King William Street Adelaide SA 5000 www.resolutionminerals.com
ASX RELEASE
A total of 155,091,648 shares will be issued at $0.012 per share to raise $1.86 million under the Placement – 89,454,989 shares will be issued under the Company’s 15% placement capacity under Listing Rule 7.1 and a further 65,636,659 shares will be issued under the Company’s 10% placement capacity under Listing Rule 7.1A.
An indicative timetable for the Placement and Entitlement Offer is included below.
| Announcement of Placement and Entitlement Offer | 18 May 2022 |
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| Notice sent to Option holders | 24 May 2022 |
| Lodgement of Prospectus with ASIC and ASX | 25 May 2022 |
| Lodgement of Appendix 3B with ASX | |
| Issue Placement Shares | |
| Ex date | 30 May 2022 |
| Record Date for determining Entitlements (6:30pm Adelaide | 31 May 2022 |
| time) | |
| Prospectus despatched to Shareholders & Company | 2 June 2022 |
| announces despatch has been completed | |
| Closing Date (5pm Adelaide time)* | 8 July 2022 |
| Options quoted on a deferred settlement basis | 11 July 2022 |
| Announce Entitlement Offer result and issue new securities | 14 July 2022 |
| Options issued under the Offer to commence trading | 15 July 2022 |
| Despatch of holding statements | 18 July 2022 |
These dates are determined based upon the current expectations of the Directors and, subject to the Listing Rules, may be changed without notice. The Directors may extend the Closing Date by giving at least 3 Business Days’ notice to ASX prior to the Closing Date. As such, the date the Shares and Options are expected to commence trading on ASX may vary.
For further information please contact the authorising officer Christine Lawley :
Christine Lawley
Interim CEO Resolution Minerals Ltd P: +61 8 6118 7110
Julian Harvey Investor Relations Resolution Minerals Ltd M: +61 404 897 584
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