- TNT Mines (TIN) reaches a non-binding deal to buy the Mt Ida gold-copper project
- The acquisition is expected to cost $11 million
- The project covers 155 square kilometres and includes the historical Timoni gold mine and other mines, which have collectively produced more than 300,000 ounces of gold at a head grade of 17.2 g/t
- Meanwhile, TNT also closes an oversubscribed cap raise, which raked in $15 million
- Company shares last traded at 17 cents on September 2
TNT Mines (TIN) has entered a non-binding deal to buy the Mt Ida gold-copper project.
The company reached the agreement with fellow ASX-listed Ora Banda and the acquisition is expected to cost $11 million.
The project covers 155 square kilometres and includes the historical Timoni gold mine and other mines, which have collectively produced more than 300,000 ounces of gold at a head grade of 17.2 g/t
Meanwhile, TNT also closed an oversubscribed cap raise, which raked in $15 million.
TNT Chairman Alex Hewlett commented on the acquisition.
“This proposed transaction and capital raise will be transformative for TNT. It will bring in a project with a very high-quality high-grade gold resource and a mineral field with multiple advanced gold, copper, nickel, and lithium targets,” he said.
“The quality of the capital raise and significant support from global institutional investors further supports our view of the project and our team’s ability to generate returns for our shareholders.”
TNT Mines expects to remain in the trading halt until no later than September 7.
Company shares last traded at 17 cents on September 2.