Photo by: Bloomberg
PERTH (miningweekly.com) – The initial public offering (IPO) of base metals spin-off Todd River Resources has raised A$6-million.
ASX-listed parent company TNG on Friday said up to 30-million shares were offered, with an issue price of 20c each, along with one free attaching option for every two subscribed shares.
The share offer consisted of both the general offer and a priority offer for TNG shareholders.
Todd River, which will likely list on the ASX by the end of March, holds a number of zinc and copper assets in the Northern Territory. The company was spun-out from TNG, as the parent company chose to focus on the development of its Mt Peake vanadium/titanium/iron project, also in the Northern Territory.