TNG Secures $2 Million From Hong Kong Institutional Investor

TNG (ASX:TNG) has secured an investment of roughly $2 million through a private placement with a Hong Kong institutional investor.

As quoted in the press release:

The Placement, comprising a total of 15.72 million shares at an issue price of 13 cents per share to raise $2.04 (before costs), is unconditional and will be issued under TNG’s 15% placement capacity under ASX Listing Rule 7.1

The Placement is expected to be settled on 24 April 2015.

The funds raised from the Placement will be used to progress completion of the feasibility study for TNG’s flagship 100%-owned Mount Peake Vanadium-Titanium-Iron project in the Northern Territory.

Following settlement of the Placement, TNG’s cash reserves will stand at approximately $5.7 million.

TNG Managing Director, Paul Burton, said:

Securing this institutional investment further strengthens the Company’s position in challenging economic conditions. This reflects the progress we have made as we move closer to development of Mount Peake. I would expect that the composition of our share register will continue to change as we move closer to a development and attract more institutional and strategic investors.

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