ASX-listed TNG has raised some A$8.8-million in a non-renounceable pro-rata entitlement issue.
The company in October launched the entitlement issue with the aim of raising up to A$12.5-million to fund design, engineering, permitting and planning activities for the Mount Peake vanadium/titanium/iron project, as it progresses towards a final investment decision.
The company on Monday said it had received applications for a total of 87.6-million shares and 87.6-million options, raising A$8.77-million at 10c a share, representing an overall take-up rate of some 70%.
“We are delighted with the level received, which is testament to the strength of our loyal shareholder base and their support for our strategy to develop one of the world’s most significant new strategic metals project,” said TNG MD and CEO Paul Burton
“The proceeds from the entitlement issue will support completion of pre-development engineering, approvals and planning for our flagship Mount Peake project, as we complete the front-end engineering design process, and embark on the next stage of project funding and final permitting.”
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