Rockfire Resources raises £0.66m in placing, proposes retail offer

(Sharecast News) - Metals and critical minerals explorer Rockfire Resources has raised £0.66m, it announced on Friday, to fund the development of its Molaoi project in Greece and support the company's working capital requirements. The London-listed company said the funds were raised through a placing of 550 million new shares at a price of 0.12p each.

It said the Molaoi project, which hosts significant zinc and germanium resources - both classified as critical raw materials - would benefit from the bulk of the proceeds.

In addition to the placing, Rockfire proposed a retail offer to raise up to £0.12m by issuing up to 100 million additional shares at the same price of 0.12 pence per share.

The retail offer would allow existing shareholders in the UK to participate, with a minimum investment of £250 per individual.

Rockfire noted that the issue price represented a 33.3% discount to the company's closing share price on 5 December.

At 0850 GMT, shares in Rockfire Resources were down 23.46% at 0.13p.

Reporting by Josh White for Sharecast.com.