The Conversation (0)
Red Metal Resources Ltd. (OTCBB:RMES) reports a $2 million equity financing consisting of 6,723,333 units of the company at a price of $0.30 per unit.
The press release is quoted as saying:
The Company intends to use the net proceeds from the financing for the next phase of drilling on Red Metal’s advanced Farellon copper-gold project, an initial phase of exploration on its Mateo project as well as for general working capital and administrative expenses.
In addition to certain institutional and accredited investors, participants in the financing include members of Red Metal Resources’ senior management.