Completion of Rights Issue

R3D Resources Limited (ASX: R3D) (the Company) (renamed Tartana Minerals Limited) is pleased to advise that the 1 for 5 pro rata entitlement offer of New Shares in the Company at an issue price of $0.05 per New Share, as well as 1 attaching Option exercisable at $0.10 expiring 31 December 2025 for each 2 New Shares subscribed for (the Rights Issue) which opened in November 2023, has now closed. A total of$500k will be raised pursuant to the Rights Issue comprising $114k from eligible shareholders (including under the Top Up Facility) and the balance to come from the Underwriter, Breakaway Investment.

Key Points:

• Breakaway Investment (controlled by director Dr Stephen Bartrop) has underwritten the Rights Issue to a minimum raise of $0.5 million
• $114,392 raised from eligible shareholders from their entitlements and the Top Up Facility combined
• An additional $385,608 due from the Underwriter by 26 April 2024 to bring the total raise to $500,000
• Further allocations of the shortfall from the Rights Issue possible following the close of the Rights Issue on 10 April 2024

Completion of Rights Issue

The Company will today issue 2,287,828 New Shares pursuant to the Rights Issue entitlements accepted and the Top Up Facility. Additionally, the Company will issue 1,143,916 Options to those participants. These acceptances comprise $95,712 raised from entitlements accepted and a further $18,679 raised from the Top Up Facility. At this stage, the Company does not have sufficient ‘spread’ required to apply for quotation of the Options on ASX as originally envisaged. The Company will review whether there is sufficient spread following the completion of the Shortfall Offer and the issue of Options attaching to the placement in November 2023 which continues to be subject to shareholder approval yet to be sought as at today.

As announced on 27 March 2024, Breakaway Investment Group Pty Ltd (Breakaway Investment), an entity controlled by R3D’s Managing Director, Dr Stephen Bartrop, has committed to underwrite the Rights Issue to a minimum raise of $500,000 (the Underwriting). The Company has provided a notice to Breakaway Investment to subscribe for $385,608 in New Shares by 26 April 2024 in order to achieve the total raise of $500,000. A further issue of securities will be conducted upon receipt of those funds from Breakaway Investment (and or its sub- underwriters).

Further issues of securities beyond the Underwriting may be made up to the $1,023,716 shortfall that will remain under the Rights Issue following the Underwriting. The Company will issue the relevant ASX Appendices 2A and 3G this morning.

Click here for the full ASX Release

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