PERTH (miningweekly.com) – Strategic metals company TNG has raised A$3.8-million through a share purchase plan (SPP), with the funds to be used to progress development activities at the Mt Peake vanadium/titanium/iron project, in the Northern Territory.
TNG on Thursday reported that more than 35.4-million shares were placed at a price of 10.9c each, under the SPP, which allowed shareholders to subscribe for up to A$15 000 worth of new shares.
“This is an excellent result which reflects both the strength of our share register and the quality of our key asset,” said TNG MD Paul Burton.
Burton said that the proceeds from the raising will be used to further strengthen the company’s balance sheet, and to progress key pre-development activities ahead of a final investment decision at Mt Peake.
TNG recently appointed engineering group SMS to start front-end engineering and design for the Mt Peake project.
Mt Peake is forecast to produce 243 000 t of high purity vanadium pentoxide, 3.5-million tonnes of titanium pigment and 10.6-million tonnes of iron oxide over a 17-year mine life.