Rex Minerals Ltd (Rex or the Company) is pleased to announce that it has successfully received binding commitments to raise A$8.0 million via a placement to institutional and sophisticated investors (Placement).

The Placement comprises the issue of 40.0 million new fully paid ordinary shares (Shares), at A$0.20 per Share, to raise A$8.0 million.

The issue is within the Company's 15% placement capacity and is pursuant to Section 708 of the Corporations Act 2001. The issue price represented a 20% discount to the last closing price of the Company's shares on 31 July 2023, and a 16.8% discount to the 30-day VWAP (Volume Weighted Average Price). The Shares issued under the single tranche Placement will rank equally with existing shares. Participants will also receive one unlisted Option for every two Shares subscribed for under the Placement. The Options will have an exercise price of A$0.30 and an expiry date of 9 August 2024. Total unlisted Options to be issued will be 20 million.

The terms of the unlisted Options are included in Appendix A. The Joint Lead Managers for the Placement are Euroz Hartleys Limited and Morgans Corporate Limited. The Co-Manager for the Placement is Acova Capital Pty Ltd.

Commenting on the completion of this successful Placement, Rex's MD and CEO, Richard Laufmann, said: 'This capital raising provides Rex with a significant working capital buffer to see us comfortably through completion of the equity and debt funding processes for Hillside leading to the near-term development of a new copper mine in Australia. 'In making this strategic and timely Placement, we appreciate the strong support of our current key investors, and we are very pleased to welcome further additional high-quality institutional investors to the Company's register.'

Contact:

Tel: +61 3 9068 3077

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