Rainbow yesterday announced that it had conditionally placed 41,666,667 new ordinary shares with new and existing shareholders at a price of 3p each in order to raise gross proceeds of £1.25 million.
Its Balance Sheet has also been bolstered by extension of the repayment terms of Pipestone Capital Inc.’s unsecured loan out to end-2021.
This news anticipates the Company’s passing of a major milestone in the coming weeks, with its declaration of a maiden JORC (2012) compliant resource.
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