Riedel Resources Limited (ASX:RIE) announced a private placement of shares on November 12, 2012. The transaction was approved at the company's annual general meeting of shareholders.

On November 23, 2012, the company announced that it will issue 9,330,000 shares at AUD 0.075 per share for gross proceeds of AUD 699,750 to sophisticated and professional investor clients of Oracle Securities in Australia and United Kingdom on best endeavor basis. The company will also issue 9,330,000 options at an exercise price of AUD 0.15 per share to expire on or before January 31, 2016.

On December 4, 2012, the company issued 7,111,107 common shares for proceeds of AUD 533,333 in its first tranche. The company also issued 7,111,107 free attaching options.

On December 11, 2012, the company announced that issue of options will subsequently be put to shareholders for ratification at a general meeting to be held in January 2013 and the placement of shares of tranche two for approximately AUD 167,000 will occur shortly. The shares issued in the first tranche were for 6.8% stake in the company. The company will pay 6% of gross funds raised to Oracle Securities.

On January 7, 2013, Riedel Resources Limited closed the transaction. The company issued 2,222,222 shares for gross proceeds of AUD 166,667 in the second and final tranche. The company issued 9,333,329 shares in the transaction for aggregate proceeds of AUD 700,000. The company paid a fee equal to 6% of the gross proceeds to Oracle Securities.