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- Thomson Resources (TMZ) eyes $3.5 million through a share purchase agreement with Lind Global Fund
- The parties have agreed to enter a one-year agreement where Thomson is able to draw down monthly tranches aggregating to no more than $3.5 million over the year
- Upon execution of the agreement, the first tranche is $288,000 and $100,000 each month thereafter, but can be reduced to $25,000 or increased to $300,000
- TMZ holds a portfolio of minerals tenements in New South Wales and Queensland, and plans to use the money from Lind for working capital purposes
- Shares in TMZ are down 5.26 per cent trading at 1.8 cents at 12:43pm AEDT
Thomson Resources (TMZ) is eyeing $3.5 million through a share purchase agreement with Lind Global Fund.
The parties have agreed to enter a one-year agreement that would see Thomson able to draw down monthly tranches aggregating no more than $3.5 million over the term of the agreement.
Upon execution of the agreement, the first tranche is $288,000, after deducting establishment and tranche fees payable to Lind of $112,000.
Thereafter, Lind will purchase $100,000 worth of TMZ shares each month.
Lind has the option to reduce monthly tranches down to as low as $25,000 per month or increase the amount to up to $300,000.
The shares will be priced at the lesser of three cents or 90 per cent of the average of the five lowest daily volume weighted average TMZ share price during the 20 trading days prior to the issuance date subject to a floor price of 1.8 cents.
Under the agreement, Lind will not hold more than 19.99 per cent of TMZ’s shares at any one time.
Thomson Resources holds a portfolio of minerals tenements across gold, silver and tin in New South Wales and Queensland, and plans to use the money from Lind for working capital purposes.
Shares in TMZ were down 5.26 per cent trading at 1.8 cents at 12:43pm AEDT.
