Ready To Southern Ecuador Projects
Titan Minerals Limited (ASX: TTM) has received firm commitments from investors for a placement to raise A$18 million.
The Placement was strongly supported by existing and new domestic and offshore institutional investors outside of Australia.
Following completion of the Placement Titan will have A$18m in cash and is expected to receive a further US$7.5m in staged payments as proceeds from the sale of its Zaruma asset.
Funds raised under the Placement will be applied to further exploration and development of Titan’s gold and copper projects in Ecuador. Specifically, funds will be used for G&A, salaries, current liabilities, maintenance of concessions, community relations, marketing, and exploration activities including surface sampling, geophysics, drilling and assays
“The recent raise has attracted a number of new institutional sophisticated natural resource funds that are as excited by the potential at Dynasty and Titan’s portfolio as we are,” CEO, Laurie Marsland, said.
“The additions of Peter Cook as Chairman and Michael Skead has Executive VP Exploration has attracted a lot of interest from new investors as we now look to unlock the value of our portfolio in Southern Ecuador.
“We look forward to delivering a JORC Resource at Dynasty in Q4 2021 before unlocking its true size and scale and continuing our systematic exploration campaigns at Linderos and Copper Duke.”
Mr Cook said the company is pleased with the strong support it received from Australian and global institutions.
“We believe we have a portfolio of very exciting projects in Ecuador and are confident the funds raised will enable further exploration that will result in these projects quickly emerging as substantial assets,” Mr Cook said.
Settlement of New Shares under the Placement is expected to occur on Wednesday October 13, 2021. New Shares issued under the Placement will rank equally with existing shares in the company.
Canaccord Genuity (Australia) Limited acted as Lead Manager and Sole Bookrunner to the Placement. Bacchus Capital Advisers acted as Financial Adviser to the Placement.
For further information please visit: https://www.titanminerals.com.au/