Red Mountain Mining secures funds for Fry Lake Gold Project

Red Mountain Mining Limited (ASX: $RMX) has successfully completed a share placement, raising $400,000 to fund its maiden Gold exploration program at the Fry Lake Gold Project in Ontario, Canada. The placement received strong support from existing major shareholders and new investors, positioning the company strategically in the current high gold price environment.

Executive Commentary

The successful completion of the share placement demonstrates the confidence and support from our existing major shareholders and new investors. We are well-funded to mobilise our exploration team to the Fry Lake Gold Project this month and commence the work program. The funds raised will primarily be used for the exploration of the Fry Lake Gold Project, with additional allocation for the review of potential new ventures and working capital purposes. We are also pleased to announce our plans to consolidate our capital structure on a 10 to 1 basis, subject to shareholder approval. We are grateful for the ongoing support from our advisors and shareholders, and we are committed to updating the market with news-flow from the upcoming program in a timely manner.

Summary

Red Mountain Mining (ASX: $RMX) has successfully secured $400,000 through a share placement, enabling the company to fund its maiden Gold exploration program at the Fry Lake Gold Project in Ontario, Canada. The placement, supported by existing major shareholders and new investors, reflects the company's strong strategic positioning amidst the current high gold price environment. The funds raised will primarily be directed towards the exploration of the Fry Lake Gold Project, with additional allocation for potential new ventures and working capital. Red Mountain also plans to consolidate its capital structure on a 10 to 1 basis, subject to shareholder approval. The company remains committed to generating value for its shareholders and providing timely updates on the progress of the upcoming program.