- Trigg Mining (TMG) will raise $4 million from a renounceable rights issue and follow-on placement
- The funds will be used to accelerate ongoing work programs at its flagship Lake Throssell Sulphate of Potash (SOP) project near Alice Springs
- The company was originally seeking to raise $3.3 million but due to extra demand it will undertake a placement to raise an additional $720,000
- Trigg Mining will issue 53.3 million new shares as well as 26.7 million new options, exercisable at 15 cents and expiring in February 2024
- Shares are trading 3.61 per cent lower today at eight cents each
Trigg Mining (TMG) will raise $4 million from a renounceable rights issue and follow-on placement in order to accelerate ongoing work programs at its flagship Lake Throssell Sulphate of Potash (SOP) project near Alice Springs.
The company was originally seeking to raise $3.3 million but due to extra demand, it will undertake a placement to raise an additional $720,000 under the same terms as the rights issue.
This will bring the total amount raised to $4 million.
The company will issue 53.3 million new shares as well as 26.7 million new options, exercisable at 15 cents and expiring in February 2024.
The company said the proceeds from the rights issue and follow-on placement will put it in its strongest position since listing.
The funds will be used to take its Lake Throssell Sulphate of Potash project to the next stage of development.
This includes funding for general working capital and progressing the Lake Throssell pre-feasibility study (PFS) following the positive scoping study completed last year.
Managing Director and CEO Keren Paterson said the funding will put the company in a strong position.
“This is a great result and we would like to thank our shareholders for the strong support they have shown us during this rights issue, demonstrating their continuing commitment to the company and their enthusiasm for our future as we move the Lake Throssell SOP Project towards development,” she said.
“With the recent granting of key tenements increasing our granted tenure at Lake Throssell to over 1000 square kilometres we are in a strong position to accelerate Pre-Feasibility Study work – which is now moving forward on several fronts
Shares were trading 3.61 per cent lower today at 8 cents each at 3:11 pm AEDT.