TNC Announces Institutional Placement
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to advise that it has signed binding documentation with Millinium Capital Managers Limited as trustee for MP Materials and Mining Group Fund for a placement of A$5 million comprising the issue of 41,666,667 fully paid ordinary shares in the Company (Shares) at an issue price of A$0.12 per Share (Placement).
The issue price of $0.12 per Share represents a 66.67% premium to the last closing price of $0.072 prior to the Placement, demonstrating strong investor confidence in the Company’s future prospects and growth potential.
The Shares will be issued under existing placement capacity pursuant to Listing Rule 7.1A and will be subject to voluntary escrow for a period of 12 months from the date of issue.
Settlement of the placement and the issue of the Shares is expected to occur in tranches within the next 7 business days. The Company intends to apply the funds towards working capital including exploration programs.
MP Materials and Mining Group Fund is a specialist mining investment fund office backed by high net worth and family office investors.
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