Rex has effectively concluded a placement, raising AU$8.0 million

Rex Minerals Ltd (ASX: RXM) has successfully secured AU$8.0 million through a placement to institutional and sophisticated investors. The placement involves the issuance of 40.0 million new fully paid ordinary shares (Shares) at AU$0.20 per Share, remaining within the Company's 15% placement capacity as allowed by Section 708 of the Corporations Act 2001.

The issue price of AU$0.20 per Share reflects a 20% discount compared to the Company's shares' last closing price on 31 July 2023 and a 16.8% discount compared to the 30-day VWAP (Volume Weighted Average Price). Placement offers 1 Option per 2 Shares subscribed by participants. These Options come with an exercise price of AU$0.30 and are set to expire on 9 August 2024. In total, 20 million unlisted Options will be issued as part of this offering.

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