PERTH (miningweekly.com) – ASX-listed Niuminco Group on Thursday revealed that the initial public offering (IPO) of its subsidiary, TNT Mines, had raised A$5.5-million.
Some 27.5-million shares, priced at 20c each, will be issued under the IPO.
As part of TNT’s listing, the subsidiary will repay Niuminco A$775 000 in final settlement of a loan and fee balances, with Niuminco to retain a 1.3% shareholding in the newly listed company.
The funds raised during the IPO will also be used to advance exploration and development of TNT’s Tasmanian tin and tungsten deposits, and to provide the company with working capital.
With the IPO now closed, Niuminco’s focus will shift to accelerating its exploration drilling programmes in Papua New Guinea, and to acquire additional mining equipment for its Edie Creek gold/silver project.