- TechGen Metals (TG1) enters a trading halt while it plans and finalises the details of a capital raise
- The company recently confirmed a broad zone of gold mineralisation at the John Bull project in NSW and laid out plans to conduct follow-up exploration in the area
- TechGen also just announced a farm-in deal with Rio Tinto Exploration, which is looking to earn an 80 per cent interest in TechGen’s Harbutt Range project in WA
- TG1 expects to come out of the halt on Thursday, September 15, and last traded at 19.5 cents per share on September 12
TechGen Metals (TG1) has entered a trading halt while it plans and finalises the details of a capital raise.
The company hasn’t yet stated how it will spend the funds nor how much it intends to raise.
At the start of the month, TechGen announced it had struck gold mineralisation from its maiden reverse circulation (RC) drilling program at the John Bull gold project in New South Wales.
The company later confirmed the discovery of a broad gold zone which returned high-grade results — pointing to the significant upside potential of the project.
TechGen said it planned to conduct follow-up exploration to assess the size potential of the mineralised system and explore other areas of the project. Whether it needs additional funds to do so remains unclear.
In addition, TechGen recently announced a farm-in deal with Rio Tinto Exploration under which the RIO subsidiary is earning up to an 80 per cent joint venture interest in TG1’s Harbutt Range project in WA.
Rio Tinto Exploration will spend at least $250,000 in exploration expenditure before the end of next year.
TechGen expects to come out of the trading halt by Thursday, September 15, by which time it plans to have released the details of the capital raise.
The company last traded at 19.5 cents per share on September 12.