Red Hill Iron Limited (ASX: RHI) announced a non-renounceable pro-rata issue of up to 10,916,587 fully paid ordinary shares at a price of 20 cents each, to all shareholders of the Company, on the basis of 1 share for every 5 shares held. This entitlement will raise up to $2,183,317 before expenses.
The main reason for this issue is to repay loans from director related entities, meet ongoing administration and operating costs and maintain the Company’s exploration interests.
Proposed timetable of the issue is given below:
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