TNG raises more cash for Mount Peake
PERTH (miningweekly.com) – Metals developer TNG has raised an additional A$2.3-million after placing a shortfall to its recent share purchase plan (SPP), which closed on August 9 and raised A$1.2-million.
Under the terms of the SPP, shareholders were offered the opportunity to subscribe for up to A$15 000 worth of fully paid ordinary shares in TNG, at a price of A$0.045 each, including a free-attaching option on a one-for-two basis.
The options had an exercise price of 8c each and an expiry date of July 2015.
TNG said on Thursday that since the SPP, the company had received applications and would undertake the placement of more than 51.8-million shares, plus free attaching options, to raise a further A$2.3-million.
This meant that the total amount raised under the SPP had increased to A$3.5-million.
Meanwhile, TNG had also received further commitments for around A$500 000 worth of shares on the same basis, and had resolved to accept these, subject to shareholder approval for the renewal of the company’s placement capacity.
MD Paul Burton noted that the successful placement put TNG in a stronger financial position, allowing the company to complete further work to progress its Mount Peake project.
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