Theta Gold Mines Ltd (ASX:TGM) has raised A$1.4 million (before fees) through a private placement at the issue price of A$0.12 per share.
Theta holds a range of prospective gold assets in a world-renowned South African gold mining region, including several surface and near-surface high-grade gold projects which provide cost advantages relative to other gold producers in the region.
The company is currently focusing on bringing the TGME Underground Gold Mine Project to production with development well underway.
A majority of existing institutional, professional and sophisticated investors participated in the placement, highlighting their confidence in these assets.
Use of funds
Funds will go towards:
- Project expenditure including permitting, underground trial mining and completion of a definitive feasibility study (DFS);
- Progress towards Environmental Impact Assessment (EIA) and Environmental Management Program (EMPr); and
- General working capital and corporate overheads.
“The DFS is on track and the company will host potential financiers to site in South Africa after the week of Mining Indaba Cape Town which starts on Monday, May 9, 2022,” TGM chairman Bill Guy said.
“We’re also in the progress of setting up project data room to be available to project financiers in the second half of May.
"We again welcome the continued strong vote of confidence from our existing domestic and international investors of TGM who continue to support the company and its significant TGME Underground Gold Mine Project.”