PERTH (miningweekly.com) – Junior Consolidated Tin Mines has raised an additional A$4-million through a share placement to a new international investor.
The placement to Chinese investor Tiesong Duan was in addition to the placement to Wealth Pointer Global, which took place in April this year and raised A$20.99-million.
The placement to Duan consisted of more than 6.66-million shares at a price of 60.5c each, which represented 1.21% of the company’s issued capital. The shares will be issued under Consolidated Tin’s existing placement capacity, and will not require shareholder approval.
The company on Wednesday said that funds raised from both Duan and Wealth Pointer Global would be used to fund feasibility studies at its Kaiser Bill and Maitland projects, as well as on project development at the Mt Garnet tin project. Funds will also go towards exploration work and to repay the company’s outstanding liabilities, and to fund working capital.