Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF) has completed the issue of 284,388,901 new shares at $0.0045 each to raise $1,279,750 under its placement announced on October 31, 2025.
The company previously disclosed firm commitments of $1,173,750. Strong demand saw a further $106,000 accepted within the placement, taking funds received on issue to $1,279,750. In addition, Executive Director Justin Virgin has committed to subscribe for $45,000 (10,000,000 shares) subject to shareholder approval. If approved, this will lift total placement commitments to $1,324,750.
Shares issued under the placement were made using the company’s existing capacity under ASX Listing Rules 7.1 and 7.1A. An Appendix 2A has been lodged for the new shares.
Use of funds
Proceeds will be applied to:
- Advancing exploration and continuing drilling at the Smokebush Project;
- Targeting high-grade gold and silver at the Lightning Prospect;
- Follow-up drilling at Wildflower following release of IP survey data;
- Progressing other priority targets; and
- General working capital.
Terrain noted the expenditure plan is indicative and may be adjusted as circumstances evolve.