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() is currently completing a capital raising and the Australian Stock Exchange has granted the company additional time to finalise in the form of a voluntary suspension.
The suspension has been extended so that the company can finalise financing arrangements to advance the Batangas Gold Project which is located in the Philippines.
Red Mountain said that it expects the announcement will be made on or around 23 December 2014.
Just last week the company reached an agreement on strategic joint venture financing for two stage funding of the Definitive Feasibility Study (DFS) and final permitting then development financing.
The terms were agreed with a private company backed by London based investors for a two stage transaction totalling A$6.7 million (US$5.5 million) to convert to a 50% stake in Red Mountain’s wholly-owned subsidiary Singapore (RMMS).
RMMS is the 100% owner of the Philippines subsidiary company that holds the Batangas Gold Project assets.
- Stage 1: US$1 million to fund DFS and permitting completion converting to 15% of Batangas project beneficial owner subsidiary Singapore (RMMS); and
- Stage 2: additional US$4.5 million development finance converting to additional 35% of RMMS.
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