- TNT Mines (TIN) is looking to bank $5.25 million from institutional and sophisticated investors in a bid to advance drilling at Reids North and Eureka South
- A total of 35,000,000 new fully paid shares are set to be issued under the placement at 15 cents each
- The first tranche of shares is due to be settled in early July with the second pursuant to shareholder approval
- Chieftain Securities acted as lead manager to the placement
- TNT Mines shares closed today’s session down 5.88 per cent trading at 16 cents.
TNT Mines (TIN) is looking to bank $5.25 million from institutional and sophisticated investors in a bid to advance drilling at Reids North and Eureka South.
TNT is set to offer up 35,000,000 new fully paid ordinary shares under the placement at $0.15 per share.
Proceeds from the raise are set to go towards drilling efforts at the new Reids North prospect within its Warriedar Gold Project and the Eureka South prospect within its namesake project, both in Western Australia.
TNT Chief Executive Officer Matthew Boyes said he was pleased with the support for the share placement.
“The Company is very pleased to receive such strong demand for this capital raising, and it is an endorsement of recent exploration results and of the near-term strategy to deliver further results,” he said.
The placement is due to settle across two tranches with the first anticipated to settle Tuesday, July 6, 2021, with the second pursuant to shareholder approval.
Chieftain Securities acted as lead manager to the placement.
TNT Mines shares closed today’s session down 5.88 per cent trading at 16 cents.