Red Mountain Mining Ltd (ASX: $RMX) non-renounceable entitlement offer

Red Mountain Mining Ltd (ASX: $RMX) is undertaking a pro-rata non-renounceable entitlement issue to raise up to $891,192 before costs. The offer includes one share for every three existing shares held by eligible shareholders at an issue price of $0.001 per new share, along with one free-attaching option for every two new shares subscribed for and issued. The offer is being made to all shareholders of the company named on its register of members at 5:00pm (WST) on 5 April 2024, whose registered address is in Australia or New Zealand.

Red Mountain Mining Ltd (ASX: $RMX) executive commentary on non-renounceable entitlement offer

The company intends to allocate the funds raised from the offer towards exploration on the Company's farm-in of Liontown Resources (ASX: $LTR) Monjebup Rare Earth Project, exploration on the Company's existing asset portfolio, review of potential new ventures, and working capital expenses. The offer is being partially underwritten by Still Capital Pty Ltd, and the company has engaged Xcel Capital Pty Ltd to act as the Lead Manager of the Offer.

Summary of Red Mountain Mining Ltd (ASX: $RMX) non-renounceable entitlement offer

Red Mountain Mining Ltd (ASX: $RMX) is raising up to $891,192 through a non-renounceable entitlement offer to fund exploration activities, review potential new ventures, and cover working capital expenses. The company's flagship project in Nevada, USA, is prospective for lithium claystone mineralization, and it also holds the Monjebup Rare Earths Project and the Koonenberry Gold Project. The offer is being made to eligible shareholders in Australia and New Zealand, and the funds will be allocated as per the company's strategic goals and corporate strategy.