Red Mountain reached agreement with BVI private investment company

ASX-listed mining company Red Mountain Mining entered into an agreement with British Virgin Islands-registered private investment company Bluebird Merchant Ventures, to secure US$6.7 million for the development of its Batangas gold project located in the Philippines.

According to the agreement, the BVI company will initially invest US$1.2 m for Red Mountain, which will convert into a 15% stake in the project. Another US$5.5 million invested will allow Bluebird to have the stake of 50%.

By words of Red Mountain managing director Jon Dugdale, the agreement with Bluebird was the culmination of many months work and it was very pleasing to see it come together.

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