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- Resource and mineral processing company TNG (TNG) raises $12.5 million in an oversubscribed share placement to fund work at its Mount Peake Project
- The company issued around 139 million shares at 9 cents each, a 25 per cent discount to the last closing price of 12 cents per share
- TNG’s major shareholder, German-based investment company Deutsche Balaton, committed to invest $1.5 million in the placement
- Funds will be spent on consolidation planning, engineering and approvals, and project financing work streams for Mount Peake
- On the market today, TNG was down 16.7 per cent and is trading at 10 cents per share
TNG (TNG) has raised $12.5 million in an oversubscribed share placement to fund work at its flagship Mount Peake Project in the Northern Territory.
The company issued around 139 million shares at 9 cents each, representing a 25 per cent discount to the last closing price of 12 cents per share.
Firm commitments have been received from a number of new institutional and high net worth investors.
TNG’s major shareholder, German-based investment company Deutsche Balaton, also committed to invest $1.5 million in the placement.
Funds from the placement will be spent on consolidation planning, engineering and approvals, and project financing work streams for Mount Peake, as well as to progress the company’s green energy initiatives.
TNG’s Managing Director and CEO Paul Burton is pleased with the support TNG received from both institutional and high net worth investors.
“I would also like to acknowledge the continued support of our major shareholder, Deutsche Balaton, whose participation in the placement shows their continued strong support and endorsement of the company’s strategy,” Mr Burton said.
“We are now in a strong financial position to move forward with all of the work streams required to support the planned development of a fully-integrated operation at the Mount Peake Mine Site.”
On the market today, TNG is down 16.7 per cent and is trading at 10 cents per share at 11:44 am AEDT.
