True North Copper

Completion of Institutional Component of Entitlement Offer and Placement

True North Copper Limited (ASX: TNC) (TNC or the Company) is pleased to provide an update in relation to its fully underwritten $24.3 million equity raising announced on 23 May 2024 (Equity Raising).


Highlights

  • Successful completion of the institutional component of Accelerated Non-Renounceable Entitlement Offer (Entitlement Offer) and Placement raising an aggregate of A$16.6 million.
  • Retail component of Entitlement Offer (A$7.7 million) anticipated to open on Friday, 31 May 2024.
  • The Equity Raising was strongly supported by key stakeholders, including Tembo Capital Management, the Company’s largest shareholder (32%) and Nebari Natural Resources, lender to the Company.
  • The fully underwritten equity raising, together with existing cash, will fund TNC through to steady state production at the Cloncurry Copper Project (including contingency, working capital, and other corporate expenses), exploration growth strategy and strengthen the Company’s financial position.
The Equity Raising is being conducted pursuant to a transaction specific prospectus, released to the ASX on 24 May 2024 (Replacement Prospectus).

TNC has now successfully closed:

  • the institutional component (Institutional Entitlement Offer) of the Entitlement Offer, raising a total of A$9.0 million (before costs) at an offer price of A$0.056 per New Share (Offer Price); and
  • the placement to institutional investors (Placement), raising a further A$7.6 million (before costs).

The breakdown of funds raised (subject to settlement occurring) under these components of the Equity Raising, and the number of new fully paid ordinary shares (New Shares) to be issues, is set out below:

Settlement of the New Shares under the Institutional Entitlement Offer and the Placement is expected to occur on 30 May 2024, with the New Shares expected to be issued and commence trading on 31 May 2024.

TNC’s Executive Chairman, Ian McAleese, said: “The proceeds of the Placement and Institutional Entitlement Offer provides True North Copper with strong liquidity to begin mining at the Cloncurry Copper Project (CCP), starting at the high grade Wallace North deposit. TNC’s immediate focus is to be Australia’s next copper producer and we look forward to updating shareholders over the coming weeks.”


Click here for the full ASX Release

This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

TNC:AU
True North Copper

True North Copper Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
True North Copper (ASX:TNC)

True North Copper


Keep reading...Show less
Forum Updates on Closing of Private Placement

Forum Updates on Closing of Private Placement

Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces that, further to its news release of June 3, 2024, it has completed its private placement offering of units priced at $0.135 per unit. The Company received subscriptions for a total of 7,084,000 units for total proceeds of $956,343 which included insiders subscribing for 780,000 units or $105,300. The Company anticipates formal closing of the offering later this week. Net proceeds will be used for general working capital.

About Forum Energy Metals

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Miramar Resources

Magnetite Exploration Target in Whaleshark - Amended

Retraction of Peer Comparison Chart

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) refers to the announcement released to the ASX on 19 June 2024 titled “Magnetite Exploration Target Outlined in Whaleshark” (Announcement).

Keep reading...Show less
Miramar Resources

Rights Issue - Prospectus

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to share its Entitlement Offer Prospectus.
Keep reading...Show less
Miramar Resources

Rights Issue

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that it is undertaking a pro-rata non-renounceable rights issue of shares on the basis of one (1) new share (Share) for every one (1) fully paid ordinary shares (Shares) held by Eligible Shareholders (defined below) at an issue price of $0.008 per Share to raise up to $1,625,589 (before costs) with a free attaching option exercisable at $0.018 each expiring three (3) years from the issue date (Options) (Entitlement Offer). The Company has engaged Cadmon Advisory Pty Ltd (Cadmon) to act as lead manager to the Entitlement Offer.

Keep reading...Show less
Terra Metals Limited

Drilling Confirms Discovery of Large Platreef-Style Copper-PGE Sulphide Reefs at Dante

Terra Metals Limited (ASX:TM1) (“Terra” or “Company”) is pleased to announce that results from a further 14 wide-spaced, first-pass reconnaissance drill holes at the Dante Reefs has confirmed the discovery of multiple Platreef-style copper-PGE sulphide reefs. Defined over 4.5km thus far across Reef 1 and Reef 2, mineralisation remains open along strike and downdip, with assays pending from a further 16 drillholes covering an additional 4.5km of strike at Reef 2.

Keep reading...Show less
Miramar Resources

Gold and Critical Minerals Exploration Presentation

Gold Coast Investment Showcase 19-20 June 2024

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to present its investor presentation.
Keep reading...Show less
True North Copper

True North Copper Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×