Rex Minerals raising A$50 million to fund pre-development activities at Hillside Copper Project
The company plans to spend proceeds from the placement primarily on Hillside pre-development activities such as building a project delivery team and appointing key contractors for the project. A total of US$410 million of capex is required for stage 1 of Hillside Copper Project.
Rex Minerals Limited (ASX:RXM) is planning to launch a two-tranche placement of shares to raise around A$50 million for funding pre-development activities at its Hillside Copper Project in South Australia.
The proceeds from the proposed placement of shares will be primarily used to fund Hillside pre-development activities and expand the project delivery team.