Red Mountain Mining Ltd’s directors show the way with share purchases

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Red Mountain Mining Ltd (ASX:RMX) directors have participated in the recent capital raising, in the form of a non-renounceable entitlements issue.

The company received strong support as well from existing shareholders, with the raising fully underwritten providing $1.05 million pre costs.

Neil Warburton, non-executive chairman, spent $20,763.86, while Jon Dugdale, managing director, invested $10,000.

Earlier in the month, Dugdale commented:

“The Rights Issue funding of $1.05 million, along with the approximately $1.6 million in funds expected from our strategic partner, Bluebird Merchant Ventures, by the end of March, really sets the company up to deliver on its key milestones at the Batangas Gold Project.

“These include completion of the DFS and permitting for development of the project.

“The funding will also assist us to assess a couple of interesting Australian advanced gold projects that have been brought to our attention.

“The objective of getting involved with any locally based project would be to achieve gold production in the near to medium term.”


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