Red Mountain Mining Raises AU$400,000 via Convertible Notes to Fund Drilling at Kiabye and Armidale Projects

Red Mountain Mining Limited (ASX: RMX) has secured firm commitments from new and existing professional and sophisticated investors to raise AU$ 400,000 through the issue of 400,000 convertible notes. Proceeds will fund upcoming RC drilling at the Kiabye Gold Project in Western Australia, targeting recently identified NE-striking magnetic anomalies at Kiabye North and gold structures at Kiabye South. The project includes a historic drill intercept of 3.45g/t Au.

Part of the capital will also support further exploration at the Armidale Antimony-Gold Project in New South Wales, pending results from recently completed rock chip and soil sampling, expected mid-May. The convertible notes carry a 10% annual coupon and are convertible at a 25% discount to the 5-day VWAP or AU$0.006, capped at AU$0.01, with an 18-month term.

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