Titan Minerals Ltd has entered into an underwriting agreement with CPS Capital Group Pty Ltd to underwrite the exercise of listed options at $0.35 each, expiring on January 31, 2025, at 5:00pm AWST.
Under the agreement, CPS will underwrite the exercise of up to 5 million listed options and 3 million unlisted options which remain unexercised at the expiry date, representing an underwriting amount of up to $2.8 million.
Titan intends to use the funding generated in this shortfall placement to fund exploration at the Dynasty Gold Project.
Bonus option for each shortfall issued
For every two shortfall securities subscribed for and issued, Titan will issue CPS one option with an exercise price of $0.70, expiring January 31, 2027.
The bonus options will be issued on the same terms and conditions as those issued to holders of unlisted options and bonus options.
Titan advises that:
- CPS will receive an underwriting fee of 3% of the number of shortfall securities multiplied by 0.35 (being the price per shortfall security) and a management fee of 2% of the number of shortfall securities multiplied by 0.35; and
- subject to shareholder approval, CPS (and/or its nominee(s)) will receive a total of 4,000,000 options each with an exercise price of $0.70 and expiring on 31 January 2027.
Four diamond drilling rigs are already operating at the Cerro Verde and Iguana prospects of the Dynasty Gold Project, where Titan is targeting an updated mineral resource and a scoping study for 2025.