RDM ASX Announcement 23 October 2013
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ASX ANNOUNCEMENT
11 November 2016
ACN 103 367 684
ASX Code: RDM
Red Metal Limited
is a minerals exploration company focused on the exploration, evaluation and development of Australian copper-gold and basemetal deposits.
Issued Capital:
174,771,919
Ordinary shares
4,425,000
Unlisted options
Directors:
Rob Rutherford
Managing Director
Russell Barwick
Chairman
Joshua Pitt
Non-executive Director
RED METAL LIMITED
Level 15
323 Castlereagh Street
Sydney NSW 2000
Ph: +61 2 9281 1805
Fax: +61 2 9281 5747
[email protected] www.redmetal.com.au
RIGHTS ISSUE TO FUND DRILL TESTING OF BASE METAL PROJECTS
The Company has resolved to conduct a non-renounceable entitlements issue of shares on a 1 for 8 basis at 8.5 cents per share, to raise up to approximately
$1,856,951. The offer will be underwritten by Veritas Securities.
Funds raised through the entitlements issue will primarily be used to drill test a number of exciting base metal targets within Red Metal's portfolio and continue to advance the Company's funding strategy for Maronan.
The new funds will initially be put to work drill testing:
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Large stratabound electrical conductors recently identified on the Company's Lawn Hill project for McArthur River style zinc-lead-silver mineralisation (Figures 1 and 2); and
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"Bulls eye" magnetic targets with supporting copper-bismuth soil geochemistry prospective for high-grade, Tennant Creek styles of copper and gold mineralisation (Figure 3).
Low cost, proof-of-concept geophysical surveys and follow-up drill tests on new projects like the Nullarbor base metal project and Bactrian graphite prospect are also planned with this funding (refer to Red Metal's most recent quarterly report and ASX announcement for details).
In addition, the funding will allow Red Metal to continue to generate and cost effectively test a range of new and exciting base metal opportunities in Australia.
Queensland Explorer of the Year 2013
Untested Conductive Target - McArthur River Style Zinc-Lead-Silver Potential
BA
~100m Younger Cover
3000 metres
Possible Growth Fault
[Figure 1] Lawn Hill Project: Example of a previously untested conductivity target displayed on a conductivity depth image (CDI profile). Sectional view showing the vertical scale at four times the horizontal scale.
CDI Profile
A
Untested Conductor Low Level Lag Geochemistry
Zinc, Silver, Cadmium, Copper
B
[Figure 2] Lawn Hill Project: Image of historic ground EM overlain by a thematic presentation of median normalised zinc + silver + cadmium + copper values (bottom) from recent lateritic lag sampling. The laterite is developed on Mesozoic limestone cover which overlies the conductive basement rocks that are prospective for McArthur River style zinc mineralisation. Interpreted depth to basement shown as dashed contour lines.
Red4S
Magnetic source modelled 80 metres below surface Low-level Cu-Bi soil anomaly
Red4N Magnetic source modelled 45 metres below surface
Low-level Cu-Bi soil anomaly
[Figure 3] Tennant Creek Projects: Three dimensional view of high resolution magnetic image over the Red 4N and Red4S targets highlighting strong bulls-eye magnetic anomalies (red peaks). Encouraging low level copper and bismuth anomalism is measured in clay fraction soils collected above the blind magnetic targets.
For further information concerning Red Metal's operations and plans for the future please refer to the recently updated web site or contact Rob Rutherford, Managing Director at:
Phone +61 (0)2 9281-1805
Fax +61 (0)2 9281-5747
www.redmetal.com.au
Rob Rutherford Russell Barwick
Managing Director Chairman
The information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Robert Rutherford, who is a member of the Australian Institute of Geoscientists (AIG). Mr Rutherford is the Managing Director of the Company. Mr Rutherford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Mr Rutherford consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Appendix 3B New issue announcement
Appendix 3B
Rule 2.7, 3.10.3, 3.10.4, 3.10.5
New issue announcement, application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.
Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13
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Name of entity
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RED METAL LIMITED
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We (the entity) give ASX the following information.
Part 1 - All issues
You must complete the relevant sections (attach sheets if there is not enough space).
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1
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+Class of +securities issued or to be issued
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Fully paid ordinary shares
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2
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Number of +securities issued or to be issued (if known) or maximum number which may be issued
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Approximately 21,846,490
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3
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Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid
+securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)
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Ordinary shares rank equally with existing quoted shares (RDM)
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+ See chapter 19 for defined terms.
04/03/2013 Appendix 3B Page 1