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- TNG Limited (TNG) has ended the week in a trading halt as the materials stock gets ready to raise additional capital
- The owner of the Mount Peake Vanadium-Titanium-Iron Project will remain halted from trading until Tuesday, November 9
- TNG ended the September quarter with over $7 million in the bank, after spending close to $4.2 million on operational and investment activities
- At that rate of spending, the business only has enough funding left to keep running for another 1.72 quarters of growth
- TNG Limited last traded at 12 cents per share on Thursday, November 4
TNG Limited (TNG) has ended the week in a trading halt as it gets ready to raise additional capital.
The materials stock will remain halted from trading on the ASX until Tuesday, November 9, when full details of the financing are released.
Currently, TNG is focused on the development of its flagship Mount Peake Vanadium-Titanium-Iron Project near Darwin in the Northern Territory.
The company recently ended the September quarter with $7.2 million worth of cash in the bank.
During the same three-month period, TNG spent close to $4.2 million on operational and investment activities.
At that rate of spending, the business only has enough funding left to keep running for another 1.72 quarters of growth.
When questioned by the ASX, TNG said it expected expenditure to decrease over the December quarter.
It also flagged raising more capital in the short term, meaning today’s proposed capital raise may not come as a surprise to shareholders.
TNG Limited shares last traded at 12 cents each on Thursday, November 4.
