- Trigg Mining (TMG) is undertaking a renounceable rights issue to raise up to $3.3 million for its Lake Throssell Sulphate of Potash (SOP) Project in WA
- The company will use the money to underpin key activities for a pre-feasibility study and undertake project evaluation
- Participants will receive three new shares for every eight held at an issue price of 7.5 cents and one free attaching option for every two shares subscribed for
- Mahe Capital has been appointed as Lead Manager and Underwriter and has agreed to partially underwrite the rights issue to $1.5 million
- Trigg is down 14.3 per cent on the market with shares trading at 9 cents
Trigg Mining (TMG) is undertaking a renounceable rights issue to raise up to $3.3 million for its Lake Throssell Sulphate of Potash (SOP) Project.
Lake Throssell lies approximately 170 kilometres east of Laverton in Western Australia and spans an area of 868 square kilometres.
The company will use the money to underpin key activities required for a pre-feasibility study (PFS) which follows the scoping study completed last year and confirmed the potential for Lake Throssell to become a top-10 global SOP project.
The money will also be used to increase the confidence in the mineral resource estimate and undertake project evaluation and environmental studies.
Participants will receive three new shares for every eight held at an issue price of 7.5 cents as well as one free attaching option for every two new shares subscribed for, exercisable at 1.5 cents with expiry on February 16, 2024.
Mahe Capital has been appointed as Lead Manager and Underwriter and has agreed to partially underwrite the rights issue to $1.5 million.
“We have hit the ground running in 2022 with a wide range of activities now underway to advance Lake Throssell to the next level,” Managing Director Keren Paterson said.
“Building on the positive outcomes of the high-quality scoping study delivered towards the end of last year, we are now forging ahead with the PFS.
“The scoping study provided investors with a clear picture of Lake Throssell’s economic potential as a long-life, low-cost sulphate of potash operation and we are now aiming to unlock that potential by moving the project rapidly towards development.”
Trigg was down 14.3 per cent on the market with shares trading at 9 cents at 1:43 pm AEDT.