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Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report

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RMG Ltd Announces Acquisition Of 75% In Tuina Project; Private Placement

Monday, 25 Mar 2013 06:04pm EDT 

RMG Ltd announced it had reached an agreement for an option to acquire a 75% interest in the Tuina Project in northern Chile subject to completion of legal due diligence, execution of formal Farm-In and Joint Venture documentation and raising of funds to meet the minimum expenditure obligations. In this regard the Company announced it has firm commitments for a placement of 1,161,000,000 shares to a range of existing and new investors to raise $2,322,000 before expenses. Proceeds from the issue will be used to advance work on the Company’s new copper-silver project located in Chile and to continue advancement of the Kamarga base metal project in North Queensland. The Company will issue 1,161,000,000 shares at $0.002 each. The placement will be completed in two stages. RMG will immediately issue 206,250,000 new shares at $0.002 each raising $412,500 before costs pursuant to ASX Listing Rule 7.1 (Tranche 1 Securities). The balance of the placement of 954,750,000 shares (Tranche 2 Securities) will be subject to shareholder approval at a general meeting to be held on or about May 10, 2013. The shares will rank equally with all current shares on issue and application for quotation of the shares will be made. The funding allows the Company to immediately progress work programs at RMG’s exciting new Chile copper-silver project and to continue work on the Kamarga zinc-lead deposit. 

Company Quote

25 Feb 2015