Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Investing

Completion of Institutional Component of Entitlement Offer and Placement

by May 27, 2024
May 27, 2024
Completion of Institutional Component of Entitlement Offer and Placement

True North Copper Limited (ASX: TNC) (TNC or the Company) is pleased to provide an update in relation to its fully underwritten $24.3 million equity raising announced on 23 May 2024 (Equity Raising).

Highlights

Successful completion of the institutional component of Accelerated Non-Renounceable Entitlement Offer (Entitlement Offer) and Placement raising an aggregate of A$16.6 million.Retail component of Entitlement Offer (A$7.7 million) anticipated to open on Friday, 31 May 2024.The Equity Raising was strongly supported by key stakeholders, including Tembo Capital Management, the Company’s largest shareholder (32%) and Nebari Natural Resources, lender to the Company.The fully underwritten equity raising, together with existing cash, will fund TNC through to steady state production at the Cloncurry Copper Project (including contingency, working capital, and other corporate expenses), exploration growth strategy and strengthen the Company’s financial position.

The Equity Raising is being conducted pursuant to a transaction specific prospectus, released to the ASX on 24 May 2024 (Replacement Prospectus).

TNC has now successfully closed:

the institutional component (Institutional Entitlement Offer) of the Entitlement Offer, raising a total of A$9.0 million (before costs) at an offer price of A$0.056 per New Share (Offer Price); andthe placement to institutional investors (Placement), raising a further A$7.6 million (before costs).

The breakdown of funds raised (subject to settlement occurring) under these components of the Equity Raising, and the number of new fully paid ordinary shares (New Shares) to be issues, is set out below:

Settlement of the New Shares under the Institutional Entitlement Offer and the Placement is expected to occur on 30 May 2024, with the New Shares expected to be issued and commence trading on 31 May 2024.

TNC’s Executive Chairman, Ian McAleese, said: “The proceeds of the Placement and Institutional Entitlement Offer provides True North Copper with strong liquidity to begin mining at the Cloncurry Copper Project (CCP), starting at the high grade Wallace North deposit. TNC’s immediate focus is to be Australia’s next copper producer and we look forward to updating shareholders over the coming weeks.”

Click here for the full ASX Release

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
Element 25 Share Purchase Plan Opens
next post
UAW challenges Mercedes-Benz union vote, asks NLRB for new election

Related Posts

Lobo Tiggre: Gold Stocks Still on Sale, How...

January 26, 2024

Blue Sky Uranium Acquires Key Subsurface Data for...

July 2, 2025

Los Andes Copper at 121 Mining Investment London

May 8, 2025

Heritage Mining Announces Encouraging Gold Results from New...

May 7, 2025

Platinum Price Forecast: Top Trends That Will Affect...

January 25, 2024

Trump and FLOTUS Dive into Crypto With Meme...

January 21, 2025

The Fed Increased Rates Again — What Happened...

July 27, 2023

Should You Invest in Silver Bullion?

June 6, 2025

Canadian Cybersecurity Stocks: 5 Biggest Companies in 2023

June 14, 2023

5 Top Weekly TSXV Stocks: NorthIsle Copper and...

October 2, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • How I Triple My Returns With 3x Leveraged ETFs!

    • How to Find Compelling Charts in Every Sector

    • EVs Now Emit 73 percent Less Than Gasoline Cars Over Their Lifetime, Says ICCT Study

    • Cygnus Metals Limited: Issue of Performance Rights

    • FPX Nickel Announces Share-Based Compensation Grant

    • Blue Lagoon Resources Officially Opens Dome Mountain Gold Mine in British Columbia

    Categories

    • Business (1,287)
    • Investing (2,662)
    • Politics (3,699)
    • Stocks (1,711)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved