Red Metal Limited Initiates AU$4.5 Million Capital Raising

Red Metal Limited (ASX:RDM) has unveiled plans for a capital raising initiative to generate up to AU$4.5 million. This endeavor comprises a proposed securities placement (Placement) and a pro rata non-renounceable rights issue (Rights Issue), both sharing identical terms. The funds procured through this Capital Raising initiative will be allocated for the development and execution of drilling tests across various company projects, including Sybella, Pardoo, Gidyea, and Nullarbor, as well as sustaining working capital and covering associated expenses.

The Placement will raise AU$1,500,000 through the issuance of 17,647,060 fully paid ordinary shares at AU$0.085 per Share to professional investors, each accompanied by one Capital Raising Option. The Rights Issue will provide eligible shareholders in Australia and New Zealand with one Share for every seven held at the same price, along with one Capital Raising Option for every two applied for, aiming to generate up to AU$2,982,185.

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