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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 (EntitlementOffer) 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 (NewOptions),
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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TMX:AU
Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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