- West African gold explorer and developer Tietto Minerals (TIE) is aiming to raise $62.5 million for its Abujar Gold Project in Côte d’Ivoire, West Africa
- The company aims to raise the funds through a $57.5 million placement and a $5 million share purchase plan (SPP), selling shares for 62 cents each
- Managing Director, Caigen Wang, intends to sell five million shares at the placement price
- Once the sale is completed, Managing Director, Caigen Wang, will remain a major shareholder, holding onto 15.8 million shares
- The funds will also cover costs from the Pre-Feasibility Study, which is due in the first quarter of 2021, as well as the Definitive Feasibility Study
- Company shares are up 1.61 per cent and trading for 63 cents per share
West African gold explorer and developer Tietto Minerals (TIE) is aiming to raise $62.5 million for its Abujar Gold Project in Côte d’Ivoire, West Africa.
The company aims to raise the funds through a $45 million unwritten placement, $12.5 million through a non-underwritten placement and a $5 million share purchase plan (SPP).
Tietto will issue approximately 92.7 million shares for 62 cents per share.
The Funding
The funds raised will go towards the company’s Abujar Gold Project in Cote d’Ivoire, West Africa.
Over the next 12 months, Tietto will conduct additional mineral resource drilling over approximately 45,000 metres and 25,000 metres of exploration drilling across multiple targets.
The funds will also cover costs from the Pre-Feasibility Study, which is due in the first quarter of 2021, as well as the Definitive Feasibility Study.
Tietto says it currently has five diamond drill rigs operating at Abujar, with four rigs working day and night and the last one on stand-by.
Managing Director share sale
Tietto’s Managing Director, Caigen Wang, intends to sell five million shares at the placement price.
Once the sale is completed, Caigen will remain a major shareholder, owning 15.8 million shares, 9.8 million options and 3.25 million performance rights.
Craigen said he is proud of how far the company has come since listing on the ASX in 2018.
“In doing so, Tietto has quickly evolved into an exciting West African gold development story,” he said.
This Placement means Tietto is now fully funded to deliver its Pre‐Feasibility Study and Definitive Feasibility Study next year, and have great flexibility to commit to some long lead time items related to mine development,” he added.
Company shares are up 1.61 per cent and trading for 63 cents per share at 12:`18 pm AEST.