Rimfire Pacific Mining Limited (RIM: ASX) has announced it has received firm commitments to raise $3.5 million through a placement of approximately 233.3 million shares at $0.015 per share. Rimfire Pacific Mining is focused on discovering world-class critical mineral deposits. The company’s primary focus is on its portfolio of projects in central New South Wales.
The proceeds from the placement will be used to strengthen Rimfire’s balance sheet and fund exploration activities across its Fifield, Avondale, and Rabbit Trap projects in NSW. Specifically, the funds will enable the company to meet funding requirements under the Fifield and Avondale Earn-In Agreements with Golden Plains Resources (GPR), advance its 100%-owned Rabbit Trap Scandium Project, and provide for working capital needs. A portion of the funds will also be allocated to cover costs associated with a recent arbitration.
Exploration plans include completing a mineral resource estimate for the high-grade Currajong scandium prospect at Avondale by the end of September 2025, and the Murga Exploration Target at Fifield by the March 2026 quarter. Initial testing of scandium targets at Rimfire’s 100%-owned Rabbit Trap Project is also slated for the March 2026 quarter. Directors of Rimfire have indicated their participation in the placement, subscribing for approximately $120,000 worth of shares, subject to shareholder approval.
The placement comprises two tranches, with the first tranche of 199,000,002 new shares issued under the company’s existing placement capacity. The second tranche of 34,333,333 new shares, along with the attaching unlisted options, are subject to shareholder approval at a General Meeting scheduled for September 2025. Ignite Equity Pty Ltd acted as Broker to the Placement.
