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Tanami Gold NL ( (AU:TAM) ) has provided an update.
Tanami Gold NL has launched a fully underwritten 1-for-1 pro-rata renounceable entitlement offer, priced at $0.06 per new share, to raise up to A$70.5 million before costs from eligible shareholders. Key shareholders APAC Resources, Metals X and Everbright Securities Investment Services have committed to take up their entitlements in full, while Bell Potter Securities is underwriting any shortfall.
The company plans to use the proceeds to fund the Groundrush exploration decline, surface resource definition drilling, central camp upgrades and refurbishment, non-processing infrastructure, as well as general working capital and offer costs. The renounceable structure allows shareholders to trade their entitlements, providing flexibility to either participate in the capital raising or realise value, and strengthens Tanami Gold’s balance sheet as it advances the Central Tanami Project joint venture obligations.
More about Tanami Gold NL
Tanami Gold NL is an Australia-based gold exploration and development company listed on the ASX. Its primary focus is the Central Tanami Project in the Northern Territory, where it is progressing exploration, resource definition and associated infrastructure to advance the project toward development.
Average Trading Volume: 971,015
Technical Sentiment Signal: Buy
Current Market Cap: A$108.1M
Find detailed analytics on TAM stock on TipRanks’ Stock Analysis page.