The funds raised from the placement will be used for an expanded reverse circulation (RC) and diamond drilling programme
Australian copper explorer Tennant Minerals Ltd (ASX: TMS; FRA: UH7A) has received a firm commitment from GBA Capital (“GBA”) and Peak Asset Management (“Peak”), together Joint Lead Managers (“JLM”) for a placement of $4.775 million (before costs). The Company will issue 191 million common shares at $0.025 per share. In addition, the Company will issue one option for each placement share subscribed, i.e. 191 million options to investors and 28.875 million options to brokers participating in the capital increase. The options can be exercised at a price of $0.048 (4.8c) and expire on 31 December 2027.
The funds raised from the placement will be used for an expanded reverse circulation (RC) and diamond drilling programme focused on expanding and defining the high-grade Bluebird copper-gold discovery and testing other high-priority targets within the 2.5km Bluebird-Perseverance corridor and at the Babbler project to the south. Drilling is expected to commence in the coming weeks as local ground conditions improve.
Vincent Algar, CEO of Tennant Minerals, commented: “This very successful $4.8 million oversubscribed capital raising will allow us to expand and clearly define the size and grade of the high-grade copper-gold mineralisation discovered at Bluebird. We also plan to test a number of very attractive Bluebird-style targets within the highly prospective 2.5 kilometre Bluebird-Perseverance corridor. Our goal is to identify multiple multi-million tonne copper-gold deposits within our Barkly tenement and establish a resource base that will enable a stand-alone mining and processing operation.”
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