Richmond Hill Resources (LSE:RHR) has raised £600,000 in gross proceeds through a placing of new shares, while confirming further progress on the acquisition of the Martello Gold Project in Ontario, Canada. The funding provides additional working capital and supports the company’s plans to move the recently acquired asset towards a maiden drilling programme.
The fundraising comprised the placing of 23,077,000 new ordinary shares at 2.6 pence per share, arranged through broker Clear Capital Limited. The issue price represents a 6% premium to the company’s mid-market closing price on 27 January 2026. Richmond Hill said the net proceeds will be used for general working capital and to advance exploration activities at Martello. The company is also considering the introduction of a future facility that would allow retail investors to participate in subsequent equity fundraisings, with further details to be announced if such a structure is put in place.
Alongside the placing, Richmond Hill confirmed it has entered into a sale and purchase agreement to acquire the Martello Gold Project, on the same commercial terms announced in December. The vendor has changed from Olerud Ltd to Ulvestone Ltd, which has assumed all rights and obligations under the agreement. Both entities are controlled by James Ikin, a substantial shareholder in Richmond Hill. The company reiterated that historic data compilation and digitisation at Martello are well advanced and nearing completion, with the aim of defining priority drill targets ahead of an initial drilling campaign.
As part of the transaction, Richmond Hill will shortly make a £100,000 cash payment to the vendor and has issued 38,750,000 new shares at 2 pence per share to satisfy the first tranche of the equity consideration. In addition, the company has issued 1,300,000 shares at the same price to settle outstanding liabilities with a creditor.
Given the vendor’s ownership structure, the acquisition constitutes a related party transaction under the AIM Rules. The board, which is independent of the transaction, said it considers the terms to be fair and reasonable following consultation with its nominated adviser.
Application has been made for the admission of 63,127,000 new ordinary shares to trading on AIM, with admission expected on or around 11 February 2026. Following admission, Richmond Hill will have 657,337,949 ordinary shares in issue.
Hamish Harris, CEO of Richmond Hill, commented: “The Board is delighted to have successfully raised funds at a premium to the prevailing share price on 27 January 2026. With gold trading above $5,000 per ounce at the time of this announcement and Richmond Hill is poised to commence drilling in the near term, we are excited about the significant momentum the Company has achieved in such a short period since listing. This fundraise positions us strongly to unlock value for shareholders as we advance our exploration programme.”
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