Strong Interest In Oversubscribed Raising
Titan Minerals Limited (ASX: TTM) has received firm commitments from investors for a placement to raise A$12 million to support its aggressive mining plans in Ecuador.
The Placement was strongly supported by existing and new domestic and offshore institutional investors. In addition, the directors of the company committed to subscribe for an aggregate amount of A$500,000 of New Shares and the company will also offer eligible shareholders an opportunity to participate in a share purchase plan to raise up to an additional A$2 million.
Managing Director, Laurie Marsland, said the company was pleased with the strong support received from Australian and global institutions.
“We are ready to commence a high impact drilling campaign on our Dynasty Gold Project in Ecuador as soon as possible.
“Coupled with our ongoing logging and sampling program this drilling should enable us to quickly convert the substantial NI 43-101 Resource to a JORC Code compliant Resource.
“We also intend to deploy funds raised to commence exploration activities at the exciting Copper Duke Project, including airborne geophysical surveys for high resolution magnetic coverage and surface sampling programmes.
“We continue to believe we have two 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.” Canaccord Genuity (Australia) Limited acted as Lead Manager and Sole Bookrunner to the Placement. Sprott Capital Partners LP acted as Co-Lead Manager to the Placement.
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