Renegade Raises $2.29M via 763 Million Shares at 25% Discount
Renegade Exploration Limited has announced a $2.29 million placement to fund exploration across its Yukon, Nevada, and Cloncurry projects, alongside partial loan repayment and operational costs.
- Placement of up to 763.3 million shares at A$0.003 each
- Attaching options exercisable at A$0.005 expiring October 2026
- Funds to advance exploration in Yukon, Nevada, and Cloncurry
- Partial repayment of $300,000 Outland loan facility
- Second tranche and options subject to shareholder approval
Renegade’s Strategic Capital Raise
Renegade Exploration Limited (ASX – RNX) has moved decisively to bolster its exploration efforts with a placement aimed at raising up to A$2.29 million. The company plans to issue 763.3 million new shares at a discounted price of A$0.003 per share, accompanied by attaching options exercisable at A$0.005, set to expire in October 2026. This capital injection is designed to accelerate work on its key projects in the Yukon, Nevada, and Cloncurry regions.
Placement Structure and Shareholder Approval
The placement is structured in two tranches. Tranche 1, which does not require shareholder approval, will issue 314 million shares raising approximately A$942,000. Tranche 2, involving 449 million shares and 381 million attaching options, awaits shareholder approval at a general meeting expected in late August 2025. Notably, Outland Investments Pty Ltd, a lender to Renegade, and company directors are participating in the placement, with portions of their subscriptions offset against outstanding loans and fees.
Funding Exploration and Debt Reduction
The funds raised will be directed primarily towards advancing exploration programs. In Nevada, Renegade plans immediate fieldwork and geophysical surveys to identify drill targets. The Yukon Myschka Prospect will see field activities with potential geophysical follow-ups, while Cloncurry’s focus is on a possible second drill hole at the Mongoose Deeps. Additionally, the company intends to reduce its Outland loan facility by A$300,000 and cover operating overheads, with any surplus funds allocated to evaluating new project opportunities.
Capital Structure Impact
Post-placement, Renegade’s share count will increase substantially from approximately 1.29 billion to over 2 billion shares, with options rising to more than 500 million. The placement price represents a 25% discount to the last traded price and a 23% discount to the 15-day volume-weighted average price, reflecting the company’s need to attract investment swiftly to fund its exploration agenda.
Outlook and Market Implications
Renegade’s move underscores its commitment to advancing its portfolio in some of the world’s most prospective mineral regions, including the prolific North West Minerals Province in Queensland and the Walker Lane trend in Nevada. The success of the placement and subsequent exploration results will be critical in shaping investor confidence and the company’s growth trajectory over the coming months.
Bottom Line?
Renegade’s capital raise sets the stage for intensified exploration, but shareholder approval and market response will be key to its next phase.
Questions in the middle?
- Will shareholders approve the second tranche and attaching options as planned?
- How will the market react to the significant dilution from the placement?
- What early results can be expected from the upcoming exploration programs?
