Revolver Resources (ASX: RRR) shares surge ~40% on new equity funding of AU$3M

October 25, 2023 02:32 AM AEDT | By Manisha

Revolver Resources (ASX: RRR) shares surge ~40% on new equity funding of AU$3M — Image source: Company website

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Highlights

RRR has received additional AU$3 million funding from three existing shareholders for a share placement to each of AU$1 million at an issue price of A$0.20 per share.

For every five New Shares issued, one unlisted option will be given to subscribers at a strike price of A$0.20 per share.

Revolver Resources is advancing a mining joint venture over the existing Dianne Mineral Resource Estimate.

The shares of Revolver Resources Holdings Limited (ASX:RRR) recorded a jump of over 40% in the early hours on Wednesday. The surge came on the back of the company’s new equity funding. RRR stock price was spotted at AU$0.130 at the time of writing on 25 October 2023, with a market cap of AU$23.23 million.

Revolver Resources has received a funding of AU$3 million from three existing shareholders for a share placement to each of AU$1 million at an issue price of A$0.20 per share.

Each subscriber will get 1-for-5 attaching options with an AU$0.20 exercise price and 3-year expiry, along with a 2.5% free-carried interest in a mining joint venture over the current Mineral Resource Estimate at Queensland’s Dianne Copper Project.

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