Twenty Seven Co Ltd (ASX:TSC) has closed its partially-underwritten renounceable rights issue strongly oversubscribed, raising around $2.7 million.
The rights issue received strong support from shareholders and new institutional and professional investors.
Following completion of the issue, the company is now well funded to advance its prospective suite of exploration assets.
TSC’s chief executive officer Simon Phillips: “We would like to thank our shareholders for the support they have shown during this Rights Issue, demonstrating their continued commitment to the company and enthusiasm for our future as we embark on this exciting next stage for TSC.”
Use of funds
Funds will be used for the following activities:
- Assess exploration and mining opportunities at its Mt Dimer mining lease after a recent successful exploration campaign;
- Progress further exploration on the Mt Dimer exploration lease, adjacent to its Mt Dimer mining lease (currently underway);
- Mobilise a crew to commence geochemical soil testing programs on its 220 square kilometres, underexplored Marda Greenstone ground at Yarbu;
- Fast-track the next program of work on the Rover Project, including follow-up work on the project’s best soil results to date at Blue Hills, Four Corners and Middle Well;
- Progress opportunities to maximise value from its highly prospective NSW IOCG projects; and
- Use for working capital purposes generally.
Rights Issue details
The company will issue a total of 532,137,912 new fully paid ordinary shares and 266,068,956 new options exercisable at 0.9 cents, with an expiry date of October 31, 2023, to investors who applied.
The options will be quoted under the ASX code TSCOA.
Mahe Capital Pty Ltd acted as lead manager and underwriter to the Rights Issue and advised the company on the issue.
Director participation
Non-executive directors Mark Burchnall and Robert Scott have demonstrated their confidence in the company by participating.
Burchnall acquired 1.5 million shares in an indirect interest, increasing his holding to 7.5 million fully paid ordinary shares.
Scott also acquired 1.5 million shares in an indirect interest and now holds 7.5 million shares.