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Terrain Minerals Limited(ASX: TMX) (Company) is pleased to advise that the pro-rata non-renounceable entitlement offer under the Company’s prospectus dated 22 September 2023 (Entitlement Offer) closed on 24 October 2023. The Board would like to thank all shareholders for their continued support of the Company, as Terrain enters the next very exciting period of exploration.
Highlights of the Successful and Well Supported Non-Renounceable Rights Issue:
- $431,028 Total funds received (refer to table 1)
- Entitlements $210,119.77
- Additional $220,908.10
- 15.85% of shareholders participated (187 shareholders)
- Shortfall of $354,999 (unallocated)
The Board is pleased with the results, as it was expecting a shareholder take up of approximately $300,000 considering current geopolitical events and difficult market conditions. Terrain will continue to ensure funds are allocated towards value adding endeavours aimed at increasing shareholder wealth. Funds received from the Rights Issue and the September 2023 placement (effectively priced the same) was also well supported by long term sophisticated/708 shareholders and supporters of the Company.
The Entitlement Offer gave eligible shareholders the opportunity to subscribe for one (1) share (New Shares) for every eight (8) shares held on the record date, at an issue price of $0.005 per New Share, together with:
- one free-attaching fully paid share for every nine (9) New Shares subscribed for and issued (Free Attaching Shares); and
- one free-attaching unlisted option for every two (2) New Shares subscribed for and issued, split between 50% of the unlisted options exercisable at $0.009 and expiring 20 January 2024 and 50% of the unlisted options exercisable at $0.015 and expiring 20 May 2024 (New Options),
noting that the overall pricing in effect is $0.0045 per share, taking into account the New Shares and the Free Attaching Shares.
The Company received valid applications for 86,205,574 New Shares, representing $431,028 of gross proceeds from eligible shareholders, inclusive of applications for additional New Shares under the shortfall offer in the Prospectus. This represents participation by 15.85% of eligible shareholders.
The Company has the right to now place the remaining shortfall of 70,999,896 New Shares (together with associated Free Attaching Shares and New Options) (Remaining Shortfall Securities) to new investors by no later than 24 January 2024. The Remaining Shortfall Securities will be allocated at the discretion of the Company.
The New Shares, Free Attaching Shares, and New Options applied for under the Entitlement Offer will be issued on 30 October 2023. Normal trading of the New Shares and Free Attaching Shares are expected to commence on 31 October 2023.
Table 1. Shareholder funds break down.
Justin Virgin
Executive Director
For further information, please contact:
Justin Virgin - Executive Director
Email: terrain@terrainminerals.com.au
Phone: +61 8 9381 5558
This announcement has been authorised for release by Justin Virgin, Executive Director of Terrain Minerals Limited.
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This article includes content from Terrain Minerals Limited, 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.
TMX:AU
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, 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.
