PERTH (miningweekly.com) – ASX-listed Terramin Australia is hoping to raise up to A$8-million through a share placement to sophisticated investors to advance its Tala Hamza zinc project, in Algeria, to a decision to mine.
The company said on Wednesday that the share placement would be conducted in two tranches, with some 47.6-million shares to be issued at 16.8c each.
The first tranche placement of 37.5-million shares has been completed, raising A$6.3-million, with the second tranche expected to be completed by October 5, raising a further A$1.7-million.
“We are very pleased with the high level of interest from investments in Terramin shares at a time when the company is getting closer to approval of its world class Tala Hamza zinc project and sustained higher prices for zinc,” said Terramin CEO Martin Janes.
“This funding also places Terramin in a strong position to move to a mining lease approval phase for the Bird-in-Hand high-grade gold project,” he added.
Tala Hamza has the potential to be one of the top ten zinc producers in the world and hosts a mineral resource of 686-million tonnes, at 4.6% zinc and 1.2% lead.