RMI Issues 40 Million Shares at 2.5c, Achieves Debt-Free Status
Resource Minerals International Ltd has successfully raised $1 million through a share placement to fund exploration projects across Saudi Arabia, Tanzania, and Finland, while also achieving a debt-free status.
- Raised $1 million via placement of 40 million shares at 2.5 cents each
- Funds allocated to exploration in Saudi Arabia, Tanzania, and Finland
- Repurchased convertible securities, rendering the company debt free
- Exploration targets include gold, silver, copper, nickel, and lithium
- 2026 exploration programs to include geophysics and drilling campaigns
Strategic Capital Raise
Resource Minerals International Ltd (ASX, RMI) has completed a $1 million placement by issuing 40 million shares at 2.5 cents each, representing a modest discount to the recent trading price. The capital raise attracted commitments from both existing shareholders and new sophisticated investors, underscoring confidence in the company’s diversified mineral exploration portfolio.
Funding Multi-Continent Exploration
The proceeds will be directed towards advancing exploration activities across three continents. In Saudi Arabia, RMI is targeting gold and gold-silver mineralisation within the Arabian-Nubian Shield, a region known for significant mineral deposits. Tanzania’s projects focus on copper-gold and nickel sulphide occurrences, with geophysics and drilling programs planned to unlock further potential. Meanwhile, in Finland, the company is progressing lithium exploration, a critical metal for the global energy transition, with shallow drilling set to follow promising surface sampling results.
Debt-Free and Focused
Importantly, part of the funds raised will be used to repurchase convertible securities issued to RiverFort, effectively eliminating RMI’s debt. This move strengthens the company’s balance sheet and provides a cleaner financial platform to pursue its exploration ambitions. Executive Chairman Asimwe Kabunga highlighted the significance of this milestone, emphasizing the company’s commitment to delivering shareholder value through disciplined capital management and sustained exploration efforts.
Looking Ahead to 2026
With geophysical surveys underway in Saudi Arabia and Tanzania, followed by targeted drilling campaigns, 2026 is shaping up to be a pivotal year for RMI. The lithium projects in Finland add an exciting dimension to the portfolio, tapping into a market with growing demand for battery metals. The company’s diversified approach across precious and critical metals positions it well to capitalize on multiple commodity cycles.
Community and Sustainability Focus
RMI also underscores its commitment to sustainable operations and community engagement, particularly in Tanzania where the Executive Chairman has strong personal ties. This focus aligns with broader investor expectations for responsible mining practices and long-term value creation.
Bottom Line?
RMI’s successful capital raise and debt elimination set the stage for an active exploration year that could unlock significant value across multiple continents.
Questions in the middle?
- What are the expected timelines and budgets for the upcoming drilling programs?
- How will the company prioritize its exploration projects across diverse geographies?
- What are the potential risks related to commodity prices and geopolitical factors in these regions?