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Tanami Gold NL ( (AU:TAM) ) has provided an update.
Tanami Gold NL has launched a fully underwritten renounceable rights issue, offering eligible shareholders one new share for every existing share at an issue price of A$0.06, to raise up to approximately A$70.5 million. The offer is jointly managed by Bell Potter Securities and Evolution Capital, with Bell Potter underwriting a maximum shortfall of 1,175,097,046 new shares, equivalent to an undiluted 50% interest in the company.
The company states it is compliant with its continuous disclosure obligations and that there is no excluded information requiring disclosure under the Corporations Act. Major shareholder APAC Resources, including its interest in Metals X, has committed to taking up its full entitlement, which will keep its voting power at 49.23% assuming full subscription, while shareholders who do not participate may face dilution of their holdings depending on take-up and shortfall placements.
More about Tanami Gold NL
Tanami Gold NL is an Australian gold exploration and development company listed on the ASX under the ticker TAM. The company focuses on advancing its gold assets and operates within Australia’s mining sector, targeting investors seeking exposure to gold-focused resource projects.
Average Trading Volume: 971,015
Technical Sentiment Signal: Buy
Current Market Cap: A$108.1M
See more data about TAM stock on TipRanks’ Stock Analysis page.