Renegade Exploration's successful placement and drilling plans

Renegade Exploration Limited (ASX: $RNX) has completed a $2.3 million placement, issuing approximately 230 million shares at $0.01 per share. The funds raised will be utilized to drill the high-impact Mongoose Deeps target at the Company's Cloncurry Project and continue other planned programs across its north-west Queensland acreage.

Executive commentary on upcoming drilling program

Drilling at Mongoose Deeps is firming for mid to late May as we complete the gravity program and final clearances. Ground magnetics will also assist with targeting for a 1,000m to 2000m RC program at Mongoose West to follow the Mongoose Deeps hole. We will also be doing an induced polarisation survey and possible gravity survey at the Tulloch prospect at the North Isa Project. On behalf of the Board, I would like to thank everybody who participated in the Placement and look forward to updating shareholders on our forward programs and results in the near future.

Summary of Renegade Exploration's placement and future plans

Renegade Exploration Limited (ASX: $RNX) has successfully completed a $2.3 million placement, receiving commitments from both existing and new shareholders. The funds raised will enable the company to progress with the drilling of the high-impact Mongoose Deeps target at the Cloncurry Project and continue other planned programs across its north-west Queensland acreage. The company's director, Mr. Robert Kirtlan, expressed excitement for the upcoming diamond drilling program at the Mongoose Deeps prospect. Additionally, an agreement has been reached with the Company's lender to repay $500,000 with the balance being paid in shares, subject to shareholder approval, on the same terms as the capital raising. The placement details include the issuance of 230 million fully paid ordinary shares to sophisticated investors, with attaching options, and will occur in two tranches. The issue price of $0.01 represents a discount of 20% to the five-day volume average weighted price (VWAP). Renegade Exploration's immediate primary focus is the Cloncurry Project, and the company has expanded its north-west Queensland operations with a 75% interest in a joint venture on the North Isa Project. The successful placement positions Renegade well financially to progress its drilling programs and other near-term targets, with the company looking forward to updating shareholders on their forward programs and results in the near future.