Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

Launch of Underwritten $24.3M Equity Raising

by admin May 23, 2024
May 23, 2024
Launch of Underwritten $24.3M Equity Raising

True North Copper Limited (ASX: TNC) is pleased to announce a fully underwritten $24.3 million equity raising (Equity Raising) to fund TNC through to steady state production at the Cloncurry Copper Project (including contingency, working capital, and other corporate expenses), strengthen its financial position and fund exploration to grow resources and reserves at Cloncurry and target new discoveries at its Mt Oxide Project in 2024.

The Equity Raising will comprise of:

an institutional placement of approximately 135.2 million new fully paid ordinary shares (New Shares) utilising the Company’s available capacity under ASX Listing Rules 7.1 and 7.1A, to raise A$7.6 million (Placement); anda 1-for-2 pro rata accelerated non-renounceable entitlement offer of 298.2 million New Shares to raise $16.7 million (Entitlement Offer).

Up to approximately 433.4 million New Shares are to be issued under the Equity Raising, representing approximately 77% of the existing shares on issue.

The Equity Raising is being conducted pursuant to a transaction specific prospectus, released to the ASX today, 23 May 2024 (Prospectus).

New Shares issued under the Equity Raising will rank equally with the Company’s existing fully paid ordinary shares on issue.

Tembo Capital Holdings UK Limited (the Company’s largest shareholder) has committed to participate up to $6.0 million through the Institutional Entitlement Offer and Priority Sub-Underwriting of the Retail Entitlement Offer.

Nebari Natural Resources Credit Fund II, LP (the Company’s debt provider) have committed to sub-underwrite the Retail Entitlement Offer for up to $0.5 million (Sub-Underwriting Commitments).

True North Copper Executive Chairman Ian McAleese said:

“It is our goal to restart operations at Cloncurry to become Australia’s next copper producer and this Equity Raising will strengthen our balance sheet through to steady state production at the CCP. Backed by our binding offtake and toll milling agreements with Glencore, we are ready to transform our Cloncurry Project into a profitable mining operation. First copper concentrate sales from commercial mining at CPP is expected in 2H 2024 at a time when copper prices are at 10 year highs. Cash flow from mining will fund extensive exploration at both Mt Oxide and the Cloncurry district. We are grateful for the support from our new and existing Shareholders in this – in particular Tembo Capital and Nebari who have committed to sub-underwrite our Retail Entitlement Offer.

In addition to restarting Cloncurry, we have vast potential to grow resources and reserves for this project as well as further build our inventory at the Mt Oxide Project, with a +10km prospective trend we are keen to explore in addition to our Vero Resource which hosts a resource of nearly 16 million tonnes at 1.43% copper and 6.91 g/t silver total combined Measured, Indicated and Inferred resource.”

Click here for the full ASX Release

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Positive Exploration Results at Havelock and Lucky Strike
next post
True North Copper Limited (ASX: TNC) – Trading Halt

Related Posts

Andrew O’Donnell: Gold, Silver, Energy Transition — Where...

January 21, 2025

Gold, Silver and Bitcoin Prices Fall as Fed...

December 20, 2024

Ross Beaty: Gold’s Positive Drivers Still at Play,...

February 2, 2025

Top 5 Canadian Cleantech Stocks of 2024

August 8, 2024

RUA GOLD Intersects Visible Gold and Antimony and...

January 21, 2025

Ora Gold: Advanced Gold Exploration Company with a...

June 17, 2024

LU7 to Raise $2.14M in Placement and Launch...

October 30, 2024

Update on “Expressions of Interest” RFI Process

July 11, 2024

Editor’s Picks: Gold Pulls Back, Experts Not Worried;...

May 4, 2025

Jindalee Secures Up to $6.7M in Funding to...

July 4, 2024

    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.

    Recent

    • Strategic Chaos or Tactical Goldmine? What QQQ’s Chart is Whispering Right Now

      June 5, 2025
    • Why ADX Can Mislead You — And How to Avoid It

      June 5, 2025
    • S&P 500 on the Verge of 6,000: What’s at Stake?

      June 5, 2025
    • Speaker Johnson surprised by Musk’s criticism of ‘big, beautiful bill’: He’s ‘flat wrong’

      June 5, 2025
    • There’s a way to aid Gaza. I know, my foundation just helped deliver 7 million meals… without incident

      June 5, 2025

    Categories

    • Business (967)
    • Investing (2,320)
    • Politics (2,873)
    • Stocks (1,054)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.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 sportinvestorsleague.com | All Rights Reserved