TNG raises cash for Mt Peake studies
PERTH (miningweekly.com) – Vanadium developer TNG would raise some A$5-million under a capital raising to institutional and sophisticated investors.
The ASX-listed company would issue some 50-million shares, at a price of 10c each, to raise the capital, which would be used to complete the feasibility study on the Mount Peake vanadium/titanium/iron project, in the Northern Territory.
As part of the placement, investors would be issued with one free-attaching listed option, exercisable at 8c each, on or before the end of July next year, for every four shares subscribed for in the placement.
This would result in the issue of some 12.5-million options.
The shares and options would be issued under the company’s 15% capacity and would not be subject to shareholder approval.
TNG MD Paul Burton said on Friday that apart from finalising the feasibility study at Mount Peake, the company was also focused on finalising binding agreements with its strategic partners over the coming months, which would provide a clear framework for financing, development and long-term offtake agreements.
“Given the exciting outlook for the vanadium market fundamentals, we couldn’t be developing this project at a better time,” Burton said.
“We already have a strong portfolio of potential alliance partners in place, and this placement provides additional funding to further progress the Mount Peak feasibility study and forge ahead with our development plans.”
TNG was aiming to start construction at Mount Peake this year, with first production scheduled for 2015.
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