Rome Resources Plc (AIM:RMR), the AIM-listed tin explorer focused on the Democratic Republic of Congo, has raised £4.2 million through a strategic investment from Stanvic Mining to expand its drilling programme and bolster exploration efforts at its Bisie North project.
Stanvic, a DRC-based investor with experience in the natural resources sector, will subscribe for new ordinary shares at 0.35p each - a premium to Monday's closing price.
As part of the deal, Stanvic will receive one warrant for every share purchased, entitling it to acquire additional shares at 0.50 pence within three years—a 42.9% premium to the subscription price. If exercised in full, the warrants could bring in a further £6 million.
The funds will be used to extend Rome’s current drilling campaign into 2025, undertake further geophysical and surface geochemical exploration, including LIDAR mapping, and provide balance sheet strength. Stanvic will also gain the right to nominate one board member.
Paul Barrett, Rome Resources’ chief executive, said: “The strategic investment demonstrates how highly Rome's Bisie North Project is regarded within the DRC resource community.
"Not only will it allow us to continue our drilling efforts beyond the current programme, but it will also accelerate work that we believe will add significant value for shareholders.”
The agreement follows Rome's November update, which stated that it was in discussions with potential investors. Stanvic’s backing underscores confidence in Rome’s long-term growth strategy, despite the project being in its early stages.
The Bisie North project is part of a growing exploration focus in the DRC, a region rich in tin and base metals. Proceeds will also support regional geological work to refine the company’s exploration model.
Following the subscription, Stanvic will own just under 20% of Rome's equity.