Dart Mining's cash balance swells to $6.5m following Red Kite investment
Dart Mining (ASX: DTM) now has a cash balance of $6.5 million following the institutional U.S. metal merchant Red Kite joining the company's share register.
Dart has issued 8.546 million ordinary shares to Red Kite, making the investor a top five shareholder.
The share issue is part of a deal between Dart and Red Kite announced earlier in the year, with Red Kite purchasing up to a 3% Net Smelter Royalty in the Unicorn Project for cash of $8.5 million, and to inject new equity of up to $1.5 million into Dart.
The investment is in two tranches, with the first tranche for $4.5 million as part of a 2% Royalty Payment now received.
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