Right Resources Limited (ASX: RRE), an Australian mineral exploration company focused on projects in New South Wales, has announced the release of a prospectus detailing a capital raising initiative. The company is offering eligible shareholders the opportunity to participate in a Share Purchase Plan (SPP) aimed at raising up to $1 million (before costs). Under the SPP Offer, eligible shareholders can subscribe for new fully paid ordinary shares at an issue price of $0.09 per share, receiving one free option for every two new shares subscribed. These new options will be exercisable at $0.09 and have a two-year expiry period. The SPP Offer is not underwritten and is set to close on 14 September 2026.
This SPP is part of a broader capital raising effort, which includes a two-tranche placement that has already secured approximately $1.5 million (before costs) from new and existing professional and sophisticated investors. The total capital raising targets up to $3.7 million, with proceeds earmarked for the next phase of exploration across RRE’s core projects in the Tumbarumba and New England regions of New South Wales, alongside regional exploration activities and general working capital requirements.
The prospectus also outlines a Placement Options Offer for participants in the prior placement, granting one new option for every two new shares subscribed. The issue of all new securities under both the SPP and the Placement Options Offer, including the second tranche of the placement, remains subject to shareholder approvals at a General Meeting scheduled for around 4 September 2026. Notably, the SPP issue price of $0.09 per share represents an approximate 6% discount to the company’s last closing price before the capital raising announcement. Directors of Right Resources Limited have indicated they do not intend to participate in the SPP Offer.
