Richmond Hill Resources (SHNJ) is to raise up to £250,000 via a retail offer on the Winterflood Retail Access Platform otherwise known as WRAP.
The issue price of the new shares will be 1p.
The fundraise comes in conjunction with Richmond Hill’s previously announced listing on Aim, for which it has separately raised £1.4 million via a placing.
The Aim listing is expected to commence on 15 October. Ahead of that, a shareholders’ general meeting will be held on 13 October.
Following admission, Richmond Hill Resources will be an exploration company holding 145 map designated mineral exploration titles covering a total surface area of approximately 87 square kilometres in the Centre-du-Quebec region in Canada, a region that is known to host copper mineralisation.
Richmond Hill is currently admitted to trading on the AQSE market and previously had activities in the alcoholic drinks sector, operating under the name of Rogue Baron. Subject to and on Admission, the Company will have disposed of Shinju Whiskey, one of the company’s two last remaining subsidiaries, and acquired the exploration ground. The company’s other remaining subsidiary, Shinju Spirits, will be sold subject to various conditions precedent.
Aim-traded investment company Gunsynd (GUN) holds just over 3.4% of Richmond Hill, and also holds a £144,000 loan to the company.
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Good news for Richmond Hill, good news for Gunsynd. Another recent WRAP offer, conducted by Cadence Minerals, closed in double quick time and was oversubscribed. That was for an iron ore company, and this is for a copper company, and copper is much more in demand right now than iron ore, so we can expect good results from this WRAP offer too. More significantly, Richmond Hill’s Aim listing is now imminent, and the company will have a hefty war chest with which to progress its Canadian exploration portfolio.