Rome Resources to extend drilling at Kalayi with new funding
Rome Resources Plc has raised about £1.2 million from existing shareholders, giving the Democratic Republic of Congo-focused tin and copper explorer fresh capital to extend drilling at Kalayi, test new targets at Mont Agoma and advance wider exploration across its licence package.
The AIM-listed company said it will issue 400 million new shares at 0.30p each, an 8.6% discount to the five-day volume-weighted average price.
The proceeds are intended to fund drilling aimed at expanding resources beyond the next planned mineral resource estimate update at Kalayi, while also backing work on two high-grade copper and tin targets at Mont Agoma and a planned airborne geophysical survey.
Rome said the upcoming Kalayi resource update could improve its position in discussions with potential strategic partners, underlining that the fundraising is as much about strengthening the project’s strategic appeal as it is about near-term fieldwork.
Alongside the subscription, the company said it intends to award a conditional bonus in new shares to certain directors and members of management if it enters into a strategic partnership relating to Kalayi or Mont Agoma.
