Rincon Resources raised $5.6 million through an oversubscribed placement of 56,000,000 shares at 10 cents each.
The funds will primarily accelerate exploration at the West Arunta Project, focusing on high-priority targets such as Avalon2 Nb-REE/IOCG, Sheoak, K1, and K2. The funds will also support gold exploration at the Laverton Project and general working capital needs.
The placement is expected to settle within a week, with all new shares ranking equally with existing shares.
Rincon Resources also announced plans to issue 88 million securities, comprising 56 million fully paid ordinary shares and 32 million options.
The options include 16 million with a 24-month expiry and another 16 million with a 36-month expiry, both exercisable at 15 cents per share.