Rome Resources (RMR) has £4.2 million through a strategic investment from Stanvic Mining, via a subscription for 1.2 billion shares at 0.35p each.
Stanvic will also receive one 0.5p warrant for every share subscribed for.
The money raised will be used to expand Rome’s existing drill programme at Bisie North in the Democratic Republic of Congo, to undertake further geophysics and geochemistry exploration work, and for other working capital purposes.
Stanvic is a specialist long-term investor that operates in the DRC mining commodity sector with a well-established portfolio of resource investee businesses. It now holds just under 20% of Rome.
"The strategic investment demonstrates how highly Rome's Bisie North project is regarded within the DRC resource community,” said Paul Barrett, chief executive of Rome Resources.
“We are immensely pleased to have attracted a strategic partner who is well positioned in the DRC and who is familiar with the mining industry, which further reinforces the quality of the Bisie North project. Not only will the strategic investment allow the company to continue its drilling efforts beyond the current drilling programme, but it will also accelerate the work required to what we believe will add significant value for the company's shareholders.''
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Raising more than £4 million in a market as tough as the one we’re in for junior miners is no mean feat. But Rome has been able to keep ahead of the game ever since it listed last summer. This amount of cash will give it a secure platform in which to prove up, if it can, the very meaningful tin and base metals potential at Bisie, and to hit the ground running in 2025. Remember, the team at Rome have found big projects in this part of the world before. Stanvic has made a bet that they’ll do so again.