- TSC has raised approximately A$2.7 million through an oversubscribed renounceable rights issue.
- The company is well funded to advance its gold and IOCG assets.
- TSC is focused on exploration and mining opportunities at its Mt Dimer asset.
- Also, geochemical soil testing and other programs are planned at other key projects.
Australia-focused mineral explorer Twenty Seven Co. Limited (ASX:TSC) has closed a significantly oversubscribed renounceable rights issue, highlighting significant support from shareholders as well as new institutional and professional investors. The company raised ~A$2.7 million through its rights issue announced on 12 April 2021.
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The funds raised will be used to support the company’s exploration activities at gold and iron oxide copper gold (IOCG) assets across Western Australia and New South Wales, respectively.
TSC will issue fully paid ordinary shares in a volume of 532,137,917 to cover for the rights issue. The new securities are expected to be issued on 12 May 2021.
Besides the shares, 266,068,956 new options @ A$0.009 will be allocated to the investors who had applied for the rights issue. The options can be traded on or before 31 October 2023 and will be traded under the ASX code – TSCOA.
Mahe Capital Pty Ltd served as the Lead Manager and Underwriter to the rights issue.
TSC holds a mining lease and an exploration lease for its Mt Dimer project located in WA. After a series of successful exploration campaigns on the mining lease, the Company plans to further assess the exploration and mining opportunities at the lease. Additionally, the miner will carry out exploration activities on its exploration lease at Mt Dimer.
At Yarbu Gold Project, TSC plans to mobilise its field team to undertake a geochemical soil testing program on the project area covering 220km2 under the Marda Greenstone belt.
Soil sampling work has already been completed on the Rover Project. TSC will accelerate further exploration works based on the results of the soil testing program.
For its IOCG assets in NSW, TSW will assess the potential to progress opportunities to add more value from the projects.
Source: Company update, 10 May 2021
Additionally, a part of the proceeds raised will be utilised as working capital and costs associated with the offers.
Share Price Movement
The shares of TSC jumped 10% during the early hours of trading. TSC closed the day’s trade at A$0.005 on 10 May 2021. The company has a market cap of A$10.64 million.