RTG MiningInc. said July 15 that it has received commitments to raise aroundUS$15 million via a heavily oversubscribed private placement.

The private placement, which is being made to Australian andinternational institutional and sophisticated investors, will comprise theissue of about 33 million shares at 60 Australian cents each.

The issue price represents a 14.2% discount to RTG'sfive-day volume weighted average price of shares on the ASX.

The cash raised will be used to fund exploration anddevelopment of the Mabilo copper project and exploration of the gold project, bothin the Philippines.

The private placement, which isscheduled to close July 22, is being led by Hartleys Ltd. and Taylor Collisonin Australia and co-led internationally by BMO Capital Markets, along with asyndicate of agents.