Richmond Hill Resources (RHR ) has raised gross proceeds of £285,010 through a placing of just under 26 million shares at a price of 1.1p.
The proceeds will provide Richmond Hill with additional funding for general working capital and to finance the planned drilling at its flagship Sakoose target within the Martello gold project in Ontario, Canada.
The company is exploring the implementation of a facility to enable retail investors to participate in a future equity fundraise.
In addition, Richmond Hill has secured a further 41 claims via staking at Martello, at nominal cost to the company.
The Martello gold project now consists of 202 claims amounting to around 6,750 hectares.
“This fundraise supports our next important step at Martello: drilling at the historic Sakoose gold mine to test the continuity of its high-grade gold mineralisation,” said Hamish Harris, chief executive of Richmond Hill.
“We have also expanded our landholding to approximately 6,750 hectares through low-cost staking, while keeping our immediate exploration focus firmly on Sakoose.”
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Richmond Hill expects drilling at the historic Sakoose gold mine to commence by the end of November, subject to rig availability and ground conditions. That’s when the real action will start, and the next stage in revealing the true potential of Martello will begin. Past production and historical drilling provide plenty of evidence of high-grade gold mineralisation. We will see.