Revolver Resources (ASX: RRR) shares jump on tranche 2 placement update

July 14, 2023 10:49 AM AEST | By Team Kalkine Media

Revolver Resources (ASX: RRR) shares jump on tranche 2 placement update — Image source: company update

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Highlights

Revolver Resources has completed the second tranche of its equity placement.

The second tranche saw the issue of a further 5 million new shares.

The proceeds are planned to be directed towards accelerating 2023 exploration at the Osprey and Dianne projects.

Revolver Resources Holdings Limited (ASX: RRR) has completed the second tranche of the equity placement, unveiled on 2 May 2023. Under this tranche, 5 million new shares and 2.5 million options have been issued. The gross subscription proceeds from this tranche are AU$650,000.

The second tranche represents the aggregate subscription of the company directors and related parties. The issuance got thumbs up at the general meeting, which took place in June 2023.

RRR is a mining and exploration company with focus on copper exploration in Australia. The company has two Australian wholly owned assets – Dianne and Osprey.

In May, the company announced a capital raising program of AU$5 million. To know details, read here.

Data source: RRR update, dated 2 May 2023

Shares jump over 11%

Triggered by the latest update, the company’s shares gained over 11% to trade at AU$0.200. In the last one month, the shares have gained over 57%.

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