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Highlights
- £660,000 Fundraising: Rockfire Resources has raised £660,000 through a placing of 550 million shares at 0.12 pence each.
- Focus on Molaoi Project: Proceeds will primarily support the development of the Molaoi zinc/silver/lead/germanium project in Greece.
- Retail Offer for Shareholders: A conditional retail offer will raise up to £120,000, providing existing shareholders the chance to participate in the fundraising.
Rockfire Resources plc (LON:ROCK), a company focused on the exploration of base metals, precious metals, and critical minerals, has announced a conditional fundraising of £660,000. The funds are being raised through a placing of 550 million new ordinary shares, priced at 0.12 pence per share, with proceeds directed towards the continued development of Rockfire's Molaoi zinc/silver/lead/germanium project in Greece and ongoing working capital requirements.
Fundraising Breakdown and Use of Proceeds
The £660,000 will be raised via the issue of 550 million new ordinary shares, priced at 0.12 pence per share, with the funds intended to support the development of Rockfire’s Molaoi project. The project is significant due to its large resources of zinc and germanium, both of which are deemed critical materials for various industries. The remaining funds will be used to cover working capital needs for the company’s operations.
Additionally, the company will offer existing shareholders the opportunity to participate in a separate retail offer, aiming to raise up to £120,000. This offer will allow retail shareholders to purchase up to 100 million new shares at the same issue price of 0.12 pence per share, providing them a chance to participate in the fundraising alongside institutional investors.
Retail Offer and Completion Conditions
The retail offer will be subject to its own terms and conditions, which will be detailed in a future announcement. Notably, the completion of the retail offer is conditional upon the successful completion of the placing, while the placing itself is not dependent on the retail offer’s success.
The pricing of the placing shares reflects a discount of approximately 33.3% compared to the closing price of 0.18 pence per ordinary share on 5 December 2024, the latest date prior to the announcement.
