Reedy Lagoon Corporation Limited has secured a $1.8 million fully underwritten placement to fund its operations and restructure its balance sheet, alongside a transition in executive leadership.

The conditional transaction involves issuing 1,440,000,000 new ordinary shares at $0.00125 each, expanding the company’s total shares on issue to 2,216,706,676. Investors will also receive six alignment options for every one thousand new shares subscribed, carrying a $0.004 exercise price and a five-year life. The placement requires shareholder approval under ASX Listing Rule 7.1.

In addition to injecting new equity, the recapitalisation reduces existing liabilities and establishes an orderly 24-month repayment schedule for approximately $0.7 million in interest-free director-related debt owed to Chromite Pty Ltd.

“The fully underwritten $1.8 million Placement represents substantial new investor backing for RLC and, together with the significant restructuring of the Company's existing liabilities, will place RLC in a materially stronger financial position.” — Jonathan Hamer, Chairman

Geof Fethers has retired as Managing Director, stepping into roles as Project Advisor and Company Secretary to maintain operational continuity. Ish Peries has joined the board as a non-executive director. Peries brings over 20 years of banking experience, specialising in financial markets, risk assessment, and complex commercial lending.

The strengthened financial position supports Reedy Lagoon as it holds a 100% interest in the Burracoppin Gold Project in Western Australia. Exploration across the asset has previously generated 3,033 fine fraction soil samples and mapped drill targets across four prospect areas.

The company has obtained landowner consents and heritage clearance to drill at the Lady Janet prospect within Burracoppin, though access limitations remain at the Windmills, Shear Luck, and Zebra prospects.

Read the full announcement: RLC - $1.8M Underwritten Placement