Mining industry experts, RungePincockMinarco Ltd
(ASX:RUL), announced that they have completed a $13 million equity raising.
RungePincockMinarco (RPM) achieved this by issuing 28.9 million ordinary shares (at 45 cents per share) to institutional and sophisticated investors in Australia, and will also offer a Share Purchase Plan.
The company says settlement for this placement should occur on 5 October.
Previously, in July, we reported that RPM lost a debt recovery case in the Arbitration Court of Moscow. RPM is in the process of appealing this decision, which resulted in its EBITDA falling by $5.8 million.
RPM reported a net loss of $9.3 million at 30 June 2016.
