Tietto sets cap for A$17m raising
PERTH (miningweekly.com) – ASX-listed gold explorer Tietto Minerals will raise A$17-million in a share placement to fund exploration work at its Abujar gold project, in Côte d’Ivoire.
Some 65.4-million shares will be placed at 26c a share, in two tranches.
The first tranche will consist of 29-million shares and will be placed under Tietto’s existing capacity, while the second tranche of more than 36.3-million shares will be subject to shareholder approval.
Tietto said on Monday that the placement would enable the company to accelerate its drill-out of the Abujar project, while broadening the share register through the introduction of a number of institutional and Australian institutional investors.
“2019 has been a year of phenomenal success at the Abujar gold project, with the recent upgrade of our resource to 2.2-million ounces and a large number of high-grade and shallow gold intersections being reported over the past few months, suggesting excellent potential for a future high-margin mining operation,” said Tietto MD Caigen Wang.
“Our full focus is on adding high-grade ounces to the resource as rapidly as possible and we have ordered a fourth diamond rig to add to our existing fleet of company-owned rigs. Our rigs are proving to be superbly efficient, allowing us to drill at industry-low prices of less than $35/m, saving the company an astonishing A$12-million a year, assuming annual meterage of over 60 000 m.”
In addition to funding the diamond drilling, the capital raised would also allow Tietto to undertake a budgeted 25 000 m of drilling high priority regional targets on the northern and southern Abujar permits.
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