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- Tennant Minerals (TMS) completes a “heavily” oversubscribed $5 million capital raise
- The company has completed a placement to private investors to raise funds for a drilling program and development studies at its Barkly project in the NT
- The cash will go towards extending and defining the Bluebird copper-gold discovery to the east and west and testing its depth extent to greater than 400 metres
- Tennant is aiming to identify multiple copper-gold deposits within the Barkly tenements to establish a resource base to support a stand-alone mining and processing operation
- Tennant Minerals shares are down 5.13 per cent, trading at 3.7 cents at 1:40 pm AEDT
Tennant Minerals (TMS) has successfully completed a “heavily” oversubscribed $5 million capital raise.
The company completed the placement to sophisticated and professional investors to raise funds for a drilling program and development studies at the Barkly project in the Northern Territory.
Under the placement, Tennant will issue 142.9 million shares at 3.5 cents per share to raise the funds. This issue price represents a 12.5 per cent discount to TMS’ last closing share price of 4 cents.
Tennant will also issue 14 million options to brokers and 71.4 million options to investors issued under the placement, based on one option for every two placement shares subscribed for, exercisable at 6 cents and expiring in July 2025.
The fresh funds will go towards drilling work to extend and define the Bluebird copper-gold discovery to the east and west, as well as to test its depth extent to greater than 400 metres, targeting a multi-million tonne, high-grade copper-gold resource.
The company will also test additional targets generated by an extensional and infill IP program and deeper drilling, targeting further copper-gold discoveries.
“The potential for multiple discoveries is clear, and we now have the funding to find them,” Tennant Minerals Chairman Matthew Driscoll said.
“Our objective here is to identify multiple, multi-million-tonne copper-gold deposits within the Barkly Tenements and establish a resource base to support a stand-alone mining and processing operation.”
Tennant Minerals shares were down 5.13 per cent and trading at 3.7 cents at 1:40 pm AEDT.
