VSA Morning Miner, 09/04/21
Tectonic Gold (AQSE:TTAU)
Tectonic Gold (AQSE:TTAU) has announced the successful exercise of the drill warrants associated with the recent programme and September fundraise. £634k was raised through the exercise of these 0.7p warrants in excess of the £500k initially anticipated. An additional 90.6m shares has been issued accordingly taking the issued shares to 940.4m shares.
In addition TTAU has announced that it has realised a portion of its position in VOX Royalty for A$125k. The VOX share price had moved significantly higher enabling TTAU to realise a profit although TTAU continues to hold a third of its original stake indicating potential future gains.
The combined c£700k means TTAU has sufficient funding for the next phase of drilling where the company will look to extend the 800m strike length at Specimen Hill with a focus on the Southern Copper discovery which has exhibited strong copper and gold grades from initial testwork.
We reiterate our Buy recommendation.
Oliver O'Donnell, CFA, Head of Research & Natural Resources Analyst | T: +44 (0)20 3617 5180 | E: oodonnell@vsacapital.com
Paul Renken, Senior Geologist | T: +44 (0)20 3005 5011 | E: prenken@vsacapital.com
VSA Capital Research | T: +44 (0)20 3005 5000 | E: research@vsacapital.com
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