Announcement of successful capital raising for East Menzies Gold Project

Resources & Energy Group Limited (ASX: $REZ) has received firm commitments for a Placement to raise $1.488M, primarily to support gold vat leaching production at the East Menzies Gold Project. The funds will also be used for working capital requirements. Directors of the company have agreed to subscribe for $100,000 on the same terms, subject to shareholder approval being granted at a general meeting of shareholders.

Executive Commentary on the Placement

We are pleased to announce the successful execution of this placement, which has seen strong support from both new and existing investors. We have confidence in our strategy and look forward to recommencing gold production at our flagship East Menzies Project in the coming months.

Summary of Capital Raising and Corporate Advisory Mandate

Resources Energy Group Limited (ASX: $REZ) has successfully raised $1.488M through a share placement to support gold vat leaching production at the East Menzies Gold Project and for working capital requirements. The company's CEO, Dan Moore, expressed confidence in their strategy and the upcoming recommencement of gold production at the flagship East Menzies Project. Additionally, the company has signed a corporate advisory mandate with Canary Capital, aiming to create value by identifying long-term strategic investments in emerging companies. The potential returns from gold vat leaching at the Menzies East project are highlighted, along with the potential upside provided by the large Gigante Grande prospect. The initial engagement with Canary Capital will be for 12 months, during which Resources Energy Group will issue unlisted options to Canary or its nominees. The company's capital structure post capital raise will be adjusted, and Canary Capital Ltd acted as the sole lead manager to the placement.