TNT Mines Ltd (ASX:TIN) has received firm commitments from existing and new, institutional and sophisticated investors for a strongly supported placement that has raised A$5.25 million.
The company will issue 35 million new fully paid ordinary shares at a price of $0.15 per share.
Funds will primarily be used for drilling at the new Reids North prospect and also for a follow-up reverse circulation (RC) drilling at Eureka South.
“Pleased to receive strong demand”
TNT CEO Matthew Boyes said: “The company is very pleased to receive such strong demand for this capital raising, and it is an endorsement of recent exploration results and of the near-term strategy to deliver further results.
“We look forward to keeping the drill bit turning and delivering multiple value catalysts for our shareholders.”
Placement details
The company plans to settle placement in two tranches, and in the first tranche will issue 23.63 million shares utilising the existing placement capacity under the ASX Listing Rule 7.1 and 7.1A.
The second tranche of 11.37 million shares will be settled subject to shareholders’ approval at a meeting which will be arranged shortly.
This will also include a total of 1.3 million shares to be issued to directors of the company, who have agreed to subscribe 333,333 shares, or will invest $50,000 in the placement.
Chieftain Securities Pty Ltd acted as lead manager to the placement.