Todd River raises exploration funds
PERTH (miningweekly.com) – Junior Todd River Resources will raise A$2.9-million through a share placement and a one-for-three underwritten non-renounceable pro-rata entitlement offer to advance exploration at its Mt Hardy zinc/copper project, in the Northern Territory.
The company will raise an initial A$1-million through a share placement to sophisticated and institutional investors, with approximately 32.3-million shares being placed at a price of 3.1c each.
The entitlement offer, which will also be priced at 3.1c each, will raise A$1.9-million.
“For an exploration company to have its entitlement offer underwritten speaks volumes for the quality of our exploration assets and our exploration team,” said Todd River MD Will Dix.
Funds raised will be used to further exploration work at the Mt Hardy project, and to advance the Petermann Range project, also in the Northern Territory.
“The remainder of the 2019 exploration programme looks exciting and is one that we hope will give rise to significant news flow. The company will soon be fully funded to execute our plans at Mt Hardy and also progress the Petermann Range project, once land access is fully secured,” said Dix.
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