- Twenty Seven Co (TSC) will be undertaking a partially underwritten renounceable rights issue to raise up to $2.65 million
- To raise the funds, shareholders will be offered one new fully paid ordinary share for every four held
- Shares will be priced at 0.5 cents, a 21 per cent discount to the 30-day volume-weighted average price of 0.63 cents
- Participants will also receive one attaching option for every two shares subscribed for, exercisable at 0.9 cents with expiry on October 31, 2023
- TSC will use the funds to assess exploration and mining activities at the Mt Dimer Mining Lease and accelerate work at the Rover Project
- TSC is up 8.33 per cent and shares are trading at 0.7 cents
Twenty Seven Co (TSC) will be undertaking a partially underwritten renounceable rights issue to raise up to $2.65 million.
To raise the $2.65 million, shareholders will be offered one new fully paid ordinary share for every four held as of April 16.
Shares will be priced at 0.5 cents, a 17 per cent discount to TSC’s last close of 0.6 cents and a 21 per cent discount to the 30-day volume-weighted average price of 0.63 cents.
Shareholders will also receive one attaching option for every two shares subscribed for, exercisable at 0.9 cents with expiry on October 31, 2023.
The rights issue will be partially underwritten by Mahe Capital to the tune of $1.5 million.
TSC will use the funds to assess exploration and mining activities at the Mt Dimer Mining Lease, progress exploration at Mt Dimer and accelerate work at the Rover Project.
“TSC is pleased to announce funding for the next level of work across its expansive suite of exploration projects,” CEO Simon Phillips said.
“TSC’s Board and management are excited for the opportunities that this funding will bring to shareholders through maximisation of its current and future exploration and mining activities,” he added.
The offer opens on April 21 and closes on May 5. Shares will be issued on May 12 and begin trading on the ASX on May 13.
TSC is up 8.33 per cent and shares are trading at 0.7 cents at 11:27 am AEST.