5ef67df0-acfe-463b-8880-db0c64533ea2.pdf
27th November 2015
Company Announcements Platform Australian Securities Exchange
AGM Results of Meeting All Resolutions Passed
rimfire pacific mining nl
a.c.n. 006 911 744
Exchange Tower Suite 411
530 Little Collins Street Melbourne Victoria Australia. 3000
T: 61 3 9620 5866
F: 61 3 9620 5822
E: [email protected] W: www.rimfire.com.au
Strong support shown to existing strategy and management
Rimfire Pacific Mining NL ("Rimfire") is pleased to announce the results of the Annual General Meeting (AGM) of shareholders, where a strong supportive vote was returned on all resolutions, which were passed comfortably.
CEO John Kaminsky said:
"The strong endorsement demonstrated at the AGM, for the Company's clear strategy, its close attention to cost minimisation and highly prospective exploration opportunities surrounding the Sorpresa resource, was pleasing to have positively recognised. The attendance at the meeting was approximately 50 people, indicating keen interest in the Company.
"As a Company, we have worked really hard, in a very difficult market environment for the junior exploration companies. The presentation at the AGM on the key market drivers in the resources sector delivered by Hedley Widdup, Lion Selection, provided an excellent backdrop to the meeting and was well received.
"Professor Richard Schodde also delivered an update to the AGM on his world renowned tracking study that targets issues and trends in the junior exploration sector. It was pleasing for Rimfire to receive a positive independent benchmark on the efficiency and effectiveness of the Company's performance. This should satisfy discerning shareholders that the Company has been performing above the industry sector benchmarks.
"I would encourage shareholders to review the presentations provided at the AGM from these world class speakers in the resources industry. We trust that objective readership of the Company's performance would encourage shareholders to maintain support to the existing strategy and management team.
"I believe we are through the bottom of the resources down cycle, with evidence of better recognition and appreciation emerging of companies with quality project potential at Rimfire's stage of development. The Company has signed a number of Confidentiality Agreements and will be pursuing discussions accordingly.
"The Company has now significantly transformed the Fifield district with a clear gold association and most recently a copper signature developing to the eastern margins. Rimfire's emerging work occurs in one of the most important gold-copper corridors in the world, the LTZ, and we are now well placed to pursue "company making discoveries" that have a capacity to transform the Company."
Presentation Hyperlinks:
The following presentations were delivered at the 2015 AGM.
Title: AGM 2015 CEO Presentation Corporate and Exploration: Click here to view this announcement.
Title: AGM 2015 H. Widdup Presentation Mining Market Snapshot: Click here to view this announcement.
Title: AGM 2015 Richard Schodde Presentation Exploration Trends: Click here to view this announcement.
Title: AGM 2015 Chairman Address: Click here to view this announcement.
Rights Issue Update
A partially underwritten non-renounceable rights issue (Rights Issue) to raise approximately $2.126 million before costs
from the issue of 106,285,882 New Ordinary Shares (New Shares) is due to close shortly (30th November 2015).
The Rights Issue offers one (1) new share for every seven (7) shares held at an application price of 2.0 cents per share, with one free attached option for every new share. The offer is open to all eligible shareholders who have a resident Australian or New Zealand address, and who hold Rimfire shares at 10th November 2015 (the "Record Date").
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The funds raised will provide additional working capital and enable Rimfire to continue with its work programs at Fifield NSW, building upon the important milestones already established in the Sorpresa gold and silver project and make further advances in the regional prospects where an emerging gold and copper signature is being established.
Key Highlights of the Offer include:
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The shares are offered at 2.0 cents which represents a 16% discount to the volume weighted average price (VWAP) for Rimfire shares traded in the 100 days period up to 23rd October 2015 (VWAP was 2.4 cents).
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For each New Share, there will be attached a free option, expiring on 15th May 2017, exercisable at 3.5 cents.
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Directors have indicated they will take up approx. $200,000 (9.4% of issue) in entitlements and underwriting.
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The issue is a non-renounceable rights issue therefore shareholders not wishing to take up their entitlement in whole or in part will have their entitlement lapse at the closing date on 30th November 2015.
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The issue aims to raise $2.126 million before costs.
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The issue is being partially underwritten to a maximum of $312,000 by Rimfire Directors and CPS Capital Group
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Shareholders may apply for additional new shares, above their entitlement, according to the conditions of the offer.
Work Program Intentions and Corporate Activities
During the next phase of exploration and assessment, the major priorities for the Company at Fifield will involve:
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Sorpresa resource, further definition, discovery growth and economic parameters assessment
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Continue the definition and understanding of the high grade lens areas with further drilling
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Seek to extend the discovery growth into new adjacent areas, based on geophysics, mineralisation projections and testing additional concepts in modelling the known resource
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Continue discussions with potential commercial partners for the Company's project areas, aiming to: o Assist accelerated outcomes in discovery growth through additional committed expenditure o Look at development opportunities for the Sorpresa resource
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Maintain a discovery growth focus on the regional opportunities for gold and copper which will involve the follow up of the prioritised regional prospects under development:
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This will involve a range of activities, including geophysics, RC drilling and geochemistry
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Immediate areas of interest include Eclipse Trend and Yoes areas
[Specific Programs are subject to flexibility in deployment, based on emerging results and other contingencies and therefore may alter without notice.]
The Company is now positioned to undertake its additional work programs and corporate activities over the next period and the the additional funds to be raised in the New Rights Issue, will contribute to this.
JOHN KAMINSKY
CEO and Managing Director Rimfire Pacific Mining NL
For further information please contact: Rimfire Pacific Mining NL
Phone: 03 9620 5866
Fax: 03 9620 5822
email: [email protected]
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