- TG Metals (ASX:TG6) is shaking the tin for $10 million
- The company secured firm commitments from a range of institutional, sophisticated and professional investors
- Funds will allow for spodumene exploration at TG6’s Lake Johnston project in Western Australia
- Shares last traded at 92 cents
TG Metals (ASX:TG6) has received firm commitments for $10 million in funding ahead of next-stage exploration at its Lake Johnston lithium project in Western Australia.
Proceeds gained during the placement will fund further exploration drilling on-site.
The company will issue 13.33 million shares at 75 cents per share.
Settlement of the placement is due on Monday, December 4, 2023. No shareholder approval is required.
Spodumene potential
The tenement parcel of interest to TG Metals is known to contain instances of spodumene mineralisation.
Geotechs will be focusing specifically on the Jaegermeister prospect, which covers some 5.7 by 2.3 kilometres.
The target was first recorded on the books following the identification of anomalies in soil.
Meanwhile, TG6 Metals noted today that drilling at the Burmeister Discovery remains ongoing.
That program is set for 4000 metres across both an RC and diamond-tipped rig; assays are due in the coming fortnight.
Management comment
“With a significantly strengthened balance sheet, we now look to progressing an expansive exploration campaign aimed at pursuing the considerable opportunities identified within the Project,” TG Metals Chairperson Richard Bevan said.
“[This] is a testament to the significance of our recent high-grade spodumene pegmatite discovery at the Burmeister Prospect, and our broader Lake Johnston Project.”
One-year returns for TG Metals’ shareholders are up 636 per cent.
TG Metals shares last traded at 92 cents.