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- Todd River Resources (TRT) is raising $3.3 million through a placement to fund exploration work in WA and the Northern Territory
- The miner will issue 60 million shares to sophisticated and professional investors at 5.5 cents each
- The issue price represents a 5.6 per cent premium to the 10-day volume-weighted average price of 5.2 cents
- Todd River’s initial priority is targeting “Julimar style” mineralisation at its Berkshire Valley Project in WA
- Drilling will begin next month and will be followed by on-ground work at its Nanutarra and Petermann Range projects
- Company shares are up 4.92 per cent and trading at 6.4 cents
Todd River Resources (TRT) is raising $3.3 million to support exploration work in Western Australia and the Northern Territory.
The Australian base and precious metals explorer received firm commitments to raise the $3.3 million through a placement to sophisticated and professional investors.
Todd River also received strong support from Melbourne-based Acorn Capital Investment Fund, along with other large existing shareholders.
Sixty million fully paid ordinary shares will be issued at 5.5 cents per share which represents a 5.6 per cent premium to the 10-day volume-weighted average price of 5.2 cents.
“This capital raising places the company in a strong financial position to rapidly progress exploration activities on our Berkshire Valley, Nanutarra and Petermann Range projects with aircore drilling scheduled to commence at Berkshire Valley in March 2021,” Managing Director Will Dix said.
Todd River Resources will soon commence exploration at its wholly-owned Berskshire Valley nickel-copper-platinum group element project.
The company is targeting mineralisation similar to that discovered at Chalice Mining’s (CHN) Julimar discovery, which is located 100 kilometres south.
Additionally, on-ground work will be conducted at the Petermann Range Project which has seen very little exploration since the 1960s.
The placement is expected to settle on Tuesday, March 2.
Company shares are up 4.92 per cent and trading at 6.4 cents at 3:07 pm AEDT.
