True North Copper

Successful completion of Retail Entitlement Offer

True North Copper Limited (ASX: TNC) (TNC or the Company) is pleased to announce the results of the retail component of the fully underwritten accelerated non-renounceable pro-rata entitlement offer announced on 23 May 2024, to raise approximately$16.7 million (before costs) (Entitlement Offer).

Highlights:

  • The Retail component of the Entitlement Offer (Retail Entitlement Offer) closed on 12 June 2024, with approximately $1.3m in successful applications received.
  • The total unallocated shortfall remaining from the Entitlement Offer (Unallocated Shortfall) is approximately $6.4m. The Unallocated Shortfall is fully underwritten by Canaccord Genuity (Australia) Limited (Canaccord) and Morgans Corporate Limited (Morgans) (the Underwriters).

The Retail Entitlement Offer closed at 5.00pm (AEST) on 12 June 2024. The Retail Entitlement Offer was on the same terms as the Institutional Entitlement Offer, which was an offer of new fully paid ordinary shares (Shares) in the capital of the Company on a 1 for 2 basis at an issue price of $0.056 per Share.

Summary of the Entitlement Offer Results

Results of the Retail Entitlement Offer are as follows:

Underwriting and Shortfall

The Entitlement Offer is fully underwritten by the Underwriters pursuant to an underwriting agreement dated 23 May 2024 between the Company and the Underwriters (Underwriting Agreement), as detailed in the replacement prospectus released on 24 May 2024 (Prospectus). The total Unallocated Shortfall Shares will be allocated and subscribed for pursuant to the Underwriting Agreement. This will include allocations to sub-underwriters, including Tembo Capital Holdings UK Limited (Tembo) and Nebari Natural Resources Credit Fun II LP (Nebari), who each committed to sub-underwrite the Retail Entitlement Offer for up to $2 million and $0.5 million, respectively.

The Shares to be issued under the Retail Entitlement Offer will rank equally with the existing Shares on issue in all respect. The Shares under the Retail Entitlement Offer are expected to be issued on Wednesday, 19 June 2024 and commence normal trading on Thursday, 20 June 2024.

Key Dates

Capital Raising Overview

Canaccord and Morgans acted as joint lead managers and underwriters to the fully underwritten $24.3 million capital raising announced on 23 May 2024, comprising:

  • an institutional placement of approximately 135.2 million Shares utilising the Company’s available capacity under ASX Listing Rules 7.1 and 7.1A, to raise A$7.6 million (Placement); and
  • a 1-for-2 pro rata accelerated non-renounceable entitlement offer of 298.2 million Shares to raise $16.7 million.

The proceeds from the capital raise will be used to fund TNC through to steady state production at the Cloncurry Copper Project (including contingency, working capital, and other corporate expenses), strengthen its financial position and fund exploration to grow resources and reserves at Cloncurry and target new discoveries at its Mt Oxide Project in 2024.

Refer to the Prospectus and the Company's announcements on 23 May 2024 and 24 May 2024 for further details.


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

Lundin Mining Third Quarter 2024 Results

Lundin Mining Logo (CNW Group/Lundin Mining Corporation)

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its third quarter 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Lundin Mining Announces Declaration of Regular Dividend

Lundin Mining Logo (CNW Group/Lundin Mining Corporation)

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars ("CAD") $0.09 per share, payable on December 11, 2024 to shareholders of record at the close of business on November 29, 2024 . The first day of trading without dividend ("ex-dividend date") will be November 29, 2024 for shares traded on TSX. For shares traded on Nasdaq Stockholm, the ex-dividend date will be November 28, 2024 . This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. View PDF version

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Metal Bank Limited

MBK’s Saudi JV Wins Exploration License in Saudi Arabia

Metal Bank Limited (ASX: MBK) (‘Metal Bank’, ‘MBK’ or the ‘Company’) is pleased to announce that it received confirmation that it’s Saudi Arabia joint venture company, CMC, has been successful in its application for the Wadi Al Junah copper, zinc and gold project in the Licensing Round 6 Auctions in Saudi Arabia.

Keep reading...Show less

Ero Copper Announces Leadership Succession: David Strang to Become Executive Chairman, Makko DeFilippo to be Appointed President & CEO

Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") is pleased to announce the next phase of its leadership succession plan, effective January 1, 2025. Co-founder and Chairman of the Board, Noel Dunn, will be retiring from the Company's Board of Directors (the "Board"). David Strang, co-founder and current Chief Executive Officer, will assume the role of Executive Chairman, and Makko DeFilippo, President and Chief Operating Officer, will be appointed as President and Chief Executive Officer and will join Ero's Board. Gelson Batista will succeed Mr. DeFilippo as Chief Operating Officer.

This leadership transition is part of the succession plan initiated by Ero's Board of Directors in January 2023 with Mr. Dunn's retirement as Executive Chairman. The Board and management team are confident that this evolution will continue to position Ero for long-term success and growth.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Ero Copper Reports Third Quarter 2024 Operating and Financial Results

(all amounts in US dollars, unless otherwise   noted)

Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") is pleased to announce its operating and financial results for the three and nine months ended September 30, 2024. Management will host a conference call tomorrow, Wednesday, November 6, 2024, at 11:30 a.m. eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Osisko Metals (TSXV:OM)

Pine Point Mining Limited and the Town of Hay River Sign MOU

Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V:OM; OTCQX:OMZNF; FRANKFURT:0B51) is pleased to announce that Pine Point Mining Limited (PPML) and the Town of Hay River have signed a Memorandum of Understanding (MOU) stating their intentions to work together to seize opportunities for long term sustainable growth for Hay River through the development and operations of Pine Point Mining Project (Project).

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

×