West African gold exploration and development company Ferrotinto Minerals (ASX: TIE) on September 12, and listed on the Shanghai stock exchange announcement of chifeng engaged in gold mining co., LTD. (chifeng gold), a subsidiary of genuine gold international (Hong Kong) co., LTD. (red gold international) signed an agreement of binding a rights issue, with a $0.58 per share common stock price to genuine gold issue 85 million new shares in Hong Kong, Raised A $49.3 million.
The funds will be used to accelerate research into possible heap leach projects and expand exploratory drilling through a growing fleet of eight in-house diamond RIGS. Upon completion of the offering, Chagphong Gold and its associates will hold a 7.87 per cent interest in the company. The offering is expected to close on September 16, 2022. Rio Tinto will issue up to 85 million new shares under ASX Listing Rule 7.1.
