Rimfire Pacific Mining raised $1.2 million through a share placement. The placement received strong support from both new and existing shareholders.

The funds will be directed towards accelerating exploration activities targeting copper-cobalt at the company's 100%-owned Broken Hill Project and for general working capital requirements.

The placement involves issuing 45,800,000 fully paid ordinary shares at 2.5 cents per share.

Additionally, 15,266,665 unlisted options with an exercise price of 5 cents will be issued on a 1-for-3 basis. Settlement of the placement is anticipated on or around July 8.