American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Investing

Completion of Institutional Component of Entitlement Offer and Placement

by admin 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
Drilling in Progress at Odienne Project, Côte d’Ivoire
next post
Scientists locate origin of the sun’s magnetic field

Related Posts

5 Top Weekly TSXV Stocks: Bravo Mining Gains...

June 3, 2024

New Dog-Leg Target Delivers Increase to Ewoyaa MRE

July 30, 2024

Xiaomi stock price has entered beast mode: more...

October 2, 2024

International Graphite

April 23, 2024

Peter Krauth: Silver Industry at Inflection Point as...

February 9, 2024

AUD/USD forecast: forms H&S pattern ahead of RBA...

March 31, 2025

Could the Silver Price Really Hit US$100 per...

March 1, 2024

Plug Power stock is risky, but a short...

September 10, 2024

Roblox CorporationShareholders May Have Been Affected by Fraud...

May 29, 2024

Top 3 crypto coins to buy the dip...

February 25, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Latest News

    • GMS stock jumps 29% on takeover interest from Home Depot, QXO, analysts raise PTs

      June 22, 2025
    • Japan’s rice price surge: what’s driving it and why it could spark a political crisis

      June 22, 2025
    • BofA raises STOXX 600 target amid resilient global growth, warns on Mideast risks

      June 22, 2025
    • Palantir co-founder: US must prevent Iranian nukes

      June 22, 2025
    • Fed governor Waller advocates for July rate cut amid tariff, labor market outlook

      June 21, 2025

    Categories

    • Business (3,209)
    • Investing (2,537)
    • Latest News (2,000)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.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 americaninvesthub.com | All Rights Reserved