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Todd River raises exploration funds

17th August 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Todd River Resources will raise A$4-million to advance exploration at the Petermann Range project, in the Northern Territory.

The company will place 136-million shares at a price of 3c each, to qualified sophisticated and professional investors, with the issue price representing a 20% discount to the company’s ten-day volume weighted average share price.

The placement will be undertaken in two tranches, with the first tranche consisting of more than 60.63-million shares to be placed under the company’s existing placement capacity.

The second tranche of up to 75.3-million shares will be subject to shareholder approval at an annual general meeting planned for mid-October.

Todd River said on Monday that funds raised under the placement will be used to carry out geophysics and drilling programmes at the Nanutarra nickel/copper/platinum project and for gold exploration at the Berkshire Valley project, in Western Australia.

Edited by Creamer Media Reporter

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