R3D Resources

Completion of Rights Issue

$0.5 million partial underwrite of the Rights Issue from Breakaway Investment Group

R3D Resources Limited (ASX: R3D) (the Company) (renamed Tartana Minerals Limited) is pleased to advise that the 1 for 5 pro rata entitlement offer of New Shares in the Company at an issue price of $0.05 per New Share, as well as 1 attaching Option exercisable at $0.10 expiring 31 December 2025 for each 2 New Shares subscribed for (the Rights Issue) which opened in November 2023, has now closed. A total of$500k will be raised pursuant to the Rights Issue comprising $114k from eligible shareholders (including under the Top Up Facility) and the balance to come from the Underwriter, Breakaway Investment.

Key Points:

  • Breakaway Investment (controlled by director Dr Stephen Bartrop) has underwritten the Rights Issue to a minimum raise of $0.5 million
  • $114,392 raised from eligible shareholders from their entitlements and the Top Up Facility combined
  • An additional $385,608 due from the Underwriter by 26 April 2024 to bring the total raise to $500,000
  • Further allocations of the shortfall from the Rights Issue possible following the close of the Rights Issue on 10 April 2024

Completion of Rights Issue

The Company will today issue 2,287,828 New Shares pursuant to the Rights Issue entitlements accepted and the Top Up Facility. Additionally, the Company will issue 1,143,916 Options to those participants. These acceptances comprise $95,712 raised from entitlements accepted and a further $18,679 raised from the Top Up Facility. At this stage, the Company does not have sufficient ‘spread’ required to apply for quotation of the Options on ASX as originally envisaged. The Company will review whether there is sufficient spread following the completion of the Shortfall Offer and the issue of Options attaching to the placement in November 2023 which continues to be subject to shareholder approval yet to be sought as at today.

As announced on 27 March 2024, Breakaway Investment Group Pty Ltd (Breakaway Investment), an entity controlled by R3D’s Managing Director, Dr Stephen Bartrop, has committed to underwrite the Rights Issue to a minimum raise of $500,000 (the Underwriting). The Company has provided a notice to Breakaway Investment to subscribe for $385,608 in New Shares by 26 April 2024 in order to achieve the total raise of $500,000. A further issue of securities will be conducted upon receipt of those funds from Breakaway Investment (and or its sub- underwriters).

Further issues of securities beyond the Underwriting may be made up to the $1,023,716 shortfall that will remain under the Rights Issue following the Underwriting. The Company will issue the relevant ASX Appendices 2A and 3G this morning.


Click here for the full ASX Release

This article includes content from R3D Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

R3D:AU
The Conversation (0)
R3D Resources Limited

R3D Resources Limited


Keep reading...Show less

Copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland, Australia

John Feneck, gold bars.

John Feneck: Next Gold, Silver Price Targets, 11 Stocks I'm Bullish on Now

John Feneck, portfolio manager and consultant at Feneck Consulting, shares his outlook for gold and silver prices in 2025. His next target for gold is US$3,800 per ounce, and he still expects US$50 per ounce silver by the end of the year.

He also discusses the potential he sees in junior miners.

Keep reading...Show less
Sun Summit Minerals CEO Niel Marotta.

Sun Summit Minerals Eyes "Multimillion-Ounce" Gold Deposit at JD Project

Sun Summit Minerals (TSXV:SMN,OTCQB:SMREF) is advancing toward a multimillion-ounce resource at its flagship JD gold project in BC following “fantastic” results from the first drill hole, which showed high-grade, shallow mineralization, according to CEO Niel Marotta.

“The thesis here is that, if we prove up a multimillion-ounce deposit, we really think there's 10x potential in our market cap. We're trading at about a C$40 million market cap now, which is about 10 percent of our neighbors. So that, I think, is what people ought to focus on,” he said.

In a recent announcement, Sun Summit reported that the first hole completed in 2025 returned “one of the strongest intervals of consistent and near-surface gold mineralization” drilled to date at the Creek zone. Results include 78 meters of 3.72 grams per ton gold starting at 30 meters down hole. The company plans to conduct follow-up drilling this season.

Keep reading...Show less
Gold bars and coins on a dark wooden table.

Gold Sector Consolidation Ramps Up with Newmont, Alamos and First Nordic Deals

The gold sector is undergoing another wave of portfolio reshuffling.

Fresh deals across the sector signal a growing shift toward consolidation and selective asset sales as stakeholders seek further growth during the yellow metal’s historic price run.

Keep reading...Show less

Latest Press Releases

Related News

×