Rockfire raises £500,000 to fund Marengo and Double Event projects

AIM-quoted copper and gold exploration company Rockfire Resources has raised £500,000 by way of a placing of 58.82m new ordinary shares at a price of 0.85p each.

Rockfire, which added several "compelling exploration assets" to its portfolio during 2018, intends to use the cash raised to fund drilling campaigns at its Marengo and Double Event projects.

As part of the placing, Rockfire's new chairman Gordon Hart subscribed for 8.82m shares for a total of £75,000.

Chief executive David Price said: "The company underwent significant and necessary change last year and now as Rockfire Resources is positioned to deliver significant asset growth during 2019."

"Whilst we are opportunistic when a new asset proves compelling, we are commited in our focus on building value in our portfolio through skilled project assessment, commercially-driven geological work, prudent expenditure and appropriate capital raisings."

As of 1120 GMT, Rockfire shares had dropped 3.28% to 0.92p.