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Titan Minerals (ASX:TTM) has confirmed its receipt of funding commitments worth $20 million, including a step-up from Tribeca.
In the company’s own merry wording, this allows it to “get cracking” at the Dynasty project in Ecuador, a silver gold play. Major shareholder Tribeca’s further investment is perhaps unsurprising: Titan boasts a JORC of 3.1Moz of gold, and, 22Moz of silver.
But for how long that $20M lasts is up for question – especially seeing as Ecuador uses the Americal dollar for currency.
Presumably, this means we probably won’t see the country join BRICS (which probably won’t make its own currency – that assumes a lot of good faith between countries with a lot of their own rivalries.)
At any rate, the $20M was raised in a placement priced at 44cps – a discount to its opening price on Thursday of 50cps – with new shares to go live on December 10. Bell Potter acted as lead.
“Our recent exploration has delineated many new targets, and we have an aggressive drill program underway, aimed at significantly expanding our resource base,” Titan CEO Melanie Leighton said.
The company chief also made one perhaps dangerous guarantee to shareholders – by this time next year, investors will see returns. She didn’t actually use those words, but read the following statement and tell me what you think it means.
“With funding secured, we now have a clear runway and are set to deliver strong results and growth in the coming 12 months,” Leighton said.
In the background, Titan continues probing for copper in WA alongside a Hancock subsidiary.
TTM last traded at 50cps.
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This article originally appeared on Stockhouse and was reproduced with permission.
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