TNT Mines Ltd (ASX:TIN) has completed the first tranche of its $5.25 million capital raising after raising $3,543,754.35 via the placement of 23,625,029 shares.
These shares were offered at 15 cents per share to existing shareholders and sophisticated investors.
The balance of the placement will be completed subject to shareholder approval at the next shareholder meeting to be convened shortly.
Strongly supported placement
TNT recently received firm commitments from existing and new, institutional and sophisticated investors for the strongly supported two-tranche placement.
The company will issue 35 million new fully paid ordinary shares at $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.
At the time, chief executive officer 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.”