Todd River raises cash for exploration
PERTH (miningweekly.com) – Base metals explorer Todd River Resources will raise A$4.2-million through a share placement to fund drilling at its Mt Hardy zinc/copper discovery, in the Northern Territory.
The company has received firm commitments for the first 12.5-million shares, at 8c each, to raise an initial A$1-million from qualified institutional and sophisticated investors.
The placement will be conducted in two tranches, with the first 4.27-million shares to be placed under the company’s existing capacity, and the second tranche of 8.23-million shares requiring shareholder approval.
In addition to the share placement, Todd River will also raise A$3.4-million through a non-renouceable pro-rata entitlement offer, on the basis of one new share for every two ordinary shares held, priced at 8c each.
Funds raised will go towards ongoing exploration in the Northern Territory, Todd River said, with particular focus being placed on drilling and down-hole geophysics at the Mt Hardy project.
“The combined proceeds of the placement and entitlement offer will allow us to accelerate our work programmes at Mt Hardy to seek to enhance the value of this exciting new discovery for shareholders over the coming months,” said Todd River CEO Will Dix.
“The recent drilling and geophysical results from Mt Hardy have identified what we believe to be an exciting new base metals discovery. The results reported to date represent a fantastic start, and we are now perfectly positioned to seek to expand the footprint of the mineralisation at EM1 through a second phase of drilling and to begin to investigate other prospective areas.”
Funds will also be used for general working capital.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
