ASX-listed Titan Minerals says it has received firm commitments from investors for a placement to raise A$12-million – at A$0.065 apiece.
Titan says the placement was strongly supported by existing and new domestic and offshore institutional investors.
The directors of the company have also committed to subscribe for an aggregate amount of A$500 000 of new shares at the same issue price.
Titan confirms it will offer eligible shareholders an opportunity to participate in a share purchase plan to raise an additional A$2-million. Shareholders will be able to subscribe for up to A$30 000 worth of shares at the same offer price of A$0.065 apiece, however, the share purchase plan is still subject to shareholder approval.
The proceeds will help the company progress towards starting its new high-impact drilling campaign at the Dynasty Gold project, in Ecuador. Additionally, proceeds will contribute to exploration activities at the Copper Duke project, also in Ecuador.