- Torian Resources (TNR) has raised just under $350,000 via an oversubscribed option entitlement issue
- The gold explorer offered two new quoted options for every five TNR shares already held, while eligible shareholders were offered extra
- The company says it received $1.12 million worth of applications under the offer, and as a result will scale back the over-subscriptions
- A total of 349.4 million entitlement options will now be issued, with each option having a scratch price of 3.5 cents and an expiry date of November 2023
- Torian Resources is down 2.08 per cent at 2.4 cents each
Torian Resources (TNR) has raised just under $350,000 via an oversubscribed option entitlement issue.
Under the offer announced back in September, TNR shareholders were offered two new quoted options for every five shares already held.
Additionally, eligible shareholders were invited to apply for additional shares available from the shortfall.
The gold explorer received a total of $1.12 million worth of applications, and as a result will scale back the over-subscriptions.
TNR said all of the shareholders who applied for the shortfall will receive the full amount they applied for, or an amount equivalent to 66.66 per cent of their options.
All up, the business will issue 349.4 million entitlement options, with each option having a scratch price of 3.5 cents and an expiry date of November 2023.
The mining stock expects the options to be issued today and commence trading by Monday, November 22.
TNR will use the cash raised for general working capital purposes, as it continues to advances its gold assets in WA’s goldfields region.
The exploration company owns six projects across 400 square kilometres of land, including its flagship Mt Stirling Project northwest of Leonora.
Torian Resources was trading down 2.08 per cent at 2.4 cents each at 1:12 pm AEDT.