Todd River raises funds for new nickel project
PERTH (miningweekly.com) – Junior Todd River Resources has exercised its option over the Nanutarra nickel project, in Western Australia, and has completed a A$4-million capital raise.
The company on Tuesday reported the issue of 805 366 shares to Cratonix with the exercise of the option over Nanaturra.
Todd River will now be able to earn up to 80% in the project by spending A$2-million over a three-year period, at which point a joint venture would be formed. Once a decision to mine is made, Cratonix could elect to contribute to its 20% expenditure, or could convert its interest into a 1.5% royalty.
Meanwhile, the junior company on Tuesday also announced that shareholders had approved a second tranche share placement as part of the company’s greater A$4-million capital raise.
The second tranche placement consisted of more than 75.36-million shares, issued at a price of 3c each, to raise A$2.26-million, with the balance of the A$4-million capital raised during the first tranche placement, which was conducted under Todd River’s placement capacity.
The company would also issue more than 67.9-million attaching options, one each for every two shares issue, at an exercise price of 6c on or before October 22.
The funds raised from the placement will be used to carry out exploration work at Nanturra and gold exploration at the Berkshire Valley project, also in Western Australia. Funds will also go towards advancing the Petermann Range project, where exploration agreement negotiations for land access are nearly complete.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation