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RTG 10.5¢

News: RTG Mining to raise $15M for Mabilo Project development in the Philippines

  1. Dual listed RTG Mining Inc. (ASX:RTG, TSX:RTG) has raised a healthy $15 million from a placement to progress its high grade, near term developmental Mabilo Project in the Philippines.

    The team behind RTG includes the management previously responsible for the development of the Masbate Gold Mine in the Philippines through CGA Mining Limited.

    Net proceeds of the raising will be used to fund development of the DSO operations at the Mabilo Project, following receipt of permitting.

    Last year saw a maiden Resource defined at Mabilo, containing 205,000 tonnes of copper, 716,000 ounces of gold and 5.02 million tonnes of iron - equivalent to 2.1 million Equivalent ounces of gold.

    The placement was oversubscribed and will see 22 million shares and Chess Depository Instruments issued at a price of A$0.68 per share.

    RTG trades on the ASX through CDI's on a 1:1 basis. The price paid by Australian, international institutional and sophisticated investors was struck at a 1.5% premium to RTG’s last traded price.

    Hartleys Limited and GMP Securities acted as Australian Joint Lead Managers and Haywood Securities including Ecoban Securities Corporation acted as North American Lead Manager for the placement.

    RTG will also fund exploration at both the Mabilo and Banawan Projects.  Recent diamond drilling saw useful high grade mineralization intersected at the Bunawan in the Philippines including 7 metres at 4.18g/t gold and 4 metres at 12.33g/t gold.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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