Torque Metals Ltd (ASX:TOR) has struck an underwriting agreement with Euroz Hartleys Ltd as part of a capital-raising initiative to garner funds for the New Dawn Lithium Project in WA.
This agreement involves underwriting 2.1 million unlisted options, expiring on December 22, and exercisable at A$0.25 each, aiming to raise A$525,000 before costs.
The settlement of shares issued through this underwriting is expected around January 5, 2024. The agreement, including a 6% underwriter's fee, contains standard termination provisions.
Torque managing director Cristian Moreno said: "I appreciate the ongoing strong support from the underwriter and their investor clients who are committing to the exercise of options at a price well above the market price, showing great confidence in Torque Metals’ progress at its emerging New Dawn Lithium Project.
“Funds raised by the transaction will be applied to Torque’s continuing activity at New Dawn Lithium Project, near the Bald Hill lithium mine in Western Australia.”
About Torque Metals
Torque Metals is an exploration company recognised for its innovative approach to mining, which combines drilling data, machine learning and geological analysis.
The company's leadership has a strong track record in developing and financing mining projects both in Australia and internationally.
Spanning 600 square kilometres, Torque's Penzance Exploration Camp in Western Australia boasts a variety of mining and exploration licences.
Torque is dedicated to mineral exploration in established Australian mining regions and actively seeks new opportunities in the resource sector to cultivate high-quality assets.