https://www.miningweekly.com

TNG raises funds for Mt Peake

9th November 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed TNG will raise A$12.5-million in a share placement to fund work at its Mt Peake vanadium/titanium/iron project, in the Northern Territory, and to progress green energy initiatives.

The company on Tuesday said that it had received firm commitments from institutional and high net worth investors.

A total of 139-million new shares would be issued under the company’s existing placement capacity, at a price of 9c each, representing a 25% discount to TNG’s last closing price.

“We are very pleased with the strong level of interest received from both institutional and high net worth investors in this capital raising, and we are pleased to be working with the leading investment bank Canaccord Genuity on our equity funding strategy for Mt Peake,” said MD and CEO Paul Burton.

“We are now in a strong financial position to move forward with all of the work streams required to support the planned development of a fully-integrated operation at the Mt Peake mine site and execute our funding strategy to launch this major new critical metals project, which is of considerable strategic importance to the Northern Territory and Australia.”

Funds raised will go towards consolidation planning for the Mt Peake project, including required permitting, engineering and execution planning work streams, project financing work streams, and progressing TNG’s green energy initiatives, including green hydrogen opportunities for the Mt Peake project and the company’s vanadium electrolyte production strategy.

TNG previously unveiled plans to progress the development of its Mt Peak project with a fully integrated mining and processing operation within its existing mining lease.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION