On 14 January 2019, Torian Resources Ltd (ASX: TNR) has announced that it has raised $518,500 through a placement of 32,406,250 shares at an issue price of 1.6 cents per share by way of share placement.
Torian Resources Ltd operates under Australia's mining sector as a leading gold exploration company. It operates four key projects: Zuleika, Mt Sterling, Malcolm and Bardoc.
The company has announced that it has successfully completed a heavily oversubscribed placement with demand significantly exceeding the company’s expectations. The funds raised under the Placement will be utilized to complete resource estimation calculations across the company’s projects that will allow the company to assess economic viability and plan for economical mining. It will also be utilized for the working capital and the company’s 2019 strategic planning.
Following the release of the news, the share price of the company skyrocketed by 16.667 percent (as at 3:37 PM, 14 January 2019) post it emerged from the trading halt, as announced on 10 January 2019.
On 8 January 2019, the company has announced management changes to the shareholders. Mr. Mark Borman has been appointed as a Managing Director on an interim basis. Mr. Mark will continue its role as Managing Director until such time as the Board undertake a review of the role within the company. Since April 2018, Mr. Mark has been an Executive Director of the company and has played a major role in the acquisition of nearly in all the current landholdings and assisting in the day to day operations of the company.
On the same day, the board has also appointed Ms. Lyndal Money as Manager Geology. Ms. Money has joined the company from mid-2015 and had a wealth of experience in mining operations, and exploration in the Kalgoorlie region and has also worked on a broad range of projects which includes exploration, mining, and resource geology at numerous gold deposits.
FY17 Financial Performance: The Company’s revenue for the year stood at $36,837 in 2017, (over the prior year which was $106,073). The net loss for the year stood at -$1,438,422 in 2017, (over the prior year which was -$1,752,251).
On Balance Sheet front, as at 31 December 2017, the company had cash and cash equivalent of $1,100,953 ($1,037,422 in the previous year) and current liabilities of $607,232 ($1,036,790 in the previous year). Net Assets for the year stood at $18,818,893 in FY17 ($10,679,525 in the previous year).
Stock performance: The shares of Torian Resources Ltd is trading at A$0.021 (as at 3:37 PM, 14 January 2019), up by 16.667%. The market capitalization of the company stands at circa $4 Million with approximately 222 million outstanding shares. In the time span of the previous six and three months, the stock delivered the returns of -64% and -43.75%, respectively. During the last one month, TNR delivered the negative return of 25%.