Peter Harold, Managing Director and CEO commented “We are privileged to have one of the largest mining contractors in India, through an associate company, become a significant shareholder in Rumble.
BGR Mining & Infra Limited (BGR) have been keen to expand their activities outside of India and we are delighted they have chosen to make a direct investment in Rumble.
BGR are particularly interested in our Western Queen gold project for its near-term cash flow and resource growth potential. Western Queen sits on a mining lease, has existing resources of 163,000ozs averaging 2.4g/t1 and has historical production of 880kt at 7.6g/t for 215,000ozs. BGR are also interested in our Earaheedy zinc-lead- silver project, given the size of the inferred resource, 2.2 million tonnes zinc, 700,000 tonnes lead and 12.6 million ozs silver2 and the potential for it to be a large scale, open pit mining and processing operation in the future.
We look forward to a long and mutually beneficial relationship with BGR.’’
Details
Under the terms of the Subscription Agreement BRH will subscribe for 25 million shares in Rumble at 4 cents per share for a total investment of $1 million. These new shares will be issued under the Company’s existing placement capacity under ASX Listing Rule
7.1 and will rank equally with existing securities on issue. Rumble will seek quotation of the new shares issued to BRH on the ASX. No broker or advisor was involved in this placement.
About BGR Mining and Infra Limited
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