Theta Gold Mines Ltd (ASX:TGM) (OTCMKTS:TGMGF) has been granted a trading halt by the ASX with an announcement pending in regard to a maiden underground mining reserve at its South African project.
The halt will be in place until the start of regular trading on Thursday, April 8, or when an announcement is released to the market, whichever occurs earliest.
At-The-Market (ATM) subscription agreement
Last month, the company entered into an At-The-Market (ATM) subscription agreement with Acuity Capital, providing up to A$15 million of standby equity capital with the expiry date set for July 23, 2023.
Under the ATM, Theta retains full control of all aspects of the subscription process: having sole discretion as to whether to utilise the ATM, the maximum number of shares to be issued, the minimum issue price of shares and the timing of each subscription (if any).
There are no requirements on the company to utilise the ATM and Theta may terminate the ATM at any time, without cost or penalty.
Theta plans to use A$3.13 million raised in a recent placement to support the development of its starter open-pit gold projects in South Africa and will have the ATM as a back-up.