TNG Raises $5 Million to Fund Mt. Peake Feasability

TNG Limited (ASX:TNG) say it has received commitments from investors to raise $5 million through a placement as it looks to complete a feasability study of its Mount Peake vanadium-titanium-iron project. Commitments comprise 50 million fully paid ordinary shares, with a price of $0.10 each.

According to the press release:

The placement has been arranged and managed by Hong Kong based REORIENT Financial Markets and Melbourne-based CALIBRE Investments for the offshore offering and the Australian offering respectively.

Commitments comprises 50,000,000 fully paid ordinary shares, to be issued at a price of $0.10 each. As part of the placement, investors will also be issued with 1 free-attaching listed option exercisable at $0.08 on or before 31 July 2015 (ASX:TNGO) for every 4 shares subscribed for in the placement, which will result in the issue of a total of 12,500,000 options.

Click here to read the TNG Limited (ASX:TNG) press release