10th Aug 2026 17:27
(Alliance News) - Rockfire Resources PLC on Monday said it has conditionally raised about GBP2.2 million before expenses through a subscription, with the funds set to support development work at its Molaoi project in Greece.
Subsequently, Rockfire shares have plummeted 19% to 0.11 pence per share on Monday afternoon in London.
The London-based exploration company said the fundraise comprises 1.95 billion new ordinary shares priced at 0.11 pence each.
Net proceeds will be used to apply for a permit to reopen and rehabilitate the existing underground mine at Molaoi, said the company. Funds will also support pre-feasibility work, including crushing, grinding and ore-sorting tests, further drilling and general working capital.
The issue price represents a discount of approximately 18% to Rockfire's closing mid-market price of 0.135 pence per share on August 7.
The new shares will represent approximately 18.3% of Rockfire's enlarged share capital once admitted to trading. Admission to AIM is expected on, or around August 24.
Rockfire said it is currently carrying out infill drilling at Molaoi to increase confidence in its existing Inferred JORC resource and move it towards the indicated category.
The company is constructing and delivering its own drilling rig. Once it arrives, Rockfire will continue infill drilling while the contractor's rig moves north of the main deposit to target an expansion of the existing mineral resource.
Molaoi has an Inferred JORC resource of 15.0 million tonnes grading 7.26% zinc, 1.75% lead and 39.50 grams of silver per tonne. Rockfire said the deposit also contains germanium, a critical metal, and that its current drilling programme is expected to deliver a maiden Inferred JORC resource for germanium.
Chief Executive David Price said Molaoi is advancing on several fronts, with extension drilling expected to begin in the coming months alongside infill drilling.
"These funds will be put towards all these activities underway. The company is striving hard to develop the project and we wish to thank our new and existing shareholders who participated in this subscription for making all this work possible," said Price.
By Niall Holden, Alliance News reporter
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