- Titanium Sands (TSL) is set to raise $2.7 million for exploration at its Manner Island Project in Sri Lanka
- The company will raise the money through a placement and share purchase plan (SPP)
- Under the placement, the company will issue 50 million shares at 4.3 cents per share to raise $2.2 million
- Meanwhile, the SPP will raise the remaining $500,000 at the same price as the placement
- With COVID-19 restrictions now eased at Sri Lanka, exploration at the project has resumed
- Titanium Sands is down 1.79 per cent and shares are trading for 5.5 cents per share
Titanium Sands (TSL) is set to raise $2.7 million for exploration at its Manner Island Project.
The company will raise the money through a placement and share purchase plan (SPP).
Placement
Under the placement, the company will issue 50 million shares at 4.3 cents per share to raise $2.2 million.
The subscribers will also be offered one free attaching option, at 10 cents and will expire in three years.
Share purchase plan
While the SPP will raise the remaining $500,000 at the same price as the placement.
Eligible shareholders will be able to purchase up to $30,000 worth of shares. Subscribers will also be offered the attaching option.
Where will the funds go?
Titanium will use the funds raised for a further drilling program at its Manner Island Project in Sri Lanka.
Mannar Island is located in the northwest of Sri Lanka. It is a 26-kilometre-wide sand island joined to the Sri Lankan mainland by a three-kilometre railway.
With COVID-19 restrictions now eased in Sri Lanka, exploration at the project has re-commenced.
Coming out of back-to-back trading halts, Titanium Sands is down 1.79 per cent and shares are trading for 5.5 cents each at 3:29 pm AEST.