Red 5 (ASX:RED)
has received commitments for $175 million in project finance facilities to fund the development of its 2.4 million ounces, 16-year Life-Of-Mine King of the Hills Project in Western Australia.
In conjunction with the Debt Facilities, the Company has launched a $60 million 4 for 21 fully underwritten accelerated non-renounceable entitlement offer at an issue price of $0.16 per share.
Funds raised from the Entitlement Offer will be applied to King of the Hills development, drilling and development programs at the Darlot Gold Mine and general working capital.
KOTH is on track for first gold in the June quarter 2022.
Shares in Red 5 (ASX:RED)
last traded at 19 cents.