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Talga Resources Limited Announces $1.47 Million Capital Raising


Sunday, 8 Sep 2013 07:41pm EDT 

Talga Resources Limited announced that it has finalised arrangements to raise up to $1.47 million to fund completion of scoping studies on its advanced, high grade graphite projects in Sweden. The funds will be raised by a combination of a single tranche placement (without the need for shareholder approval), pursuant to Listing Rule 7.1 (Placement), and a non renounceable rights issue (on a 1:3 basis) to existing shareholders (Rights Issue)(together the Offers). The Offers are both priced at 5 cents per share, offering new and existing investors the opportunity to subscribe for shares on the same terms. Firm commitments for the Placement have been received and the Lead Manager, Patersons Securities Limited, intends to act as underwriter to 100% of the Rights Issue. Placement shares will be eligible to participate in the Rights Issue and settlement of the Placement is due September 11, 2013. The proceeds from the Offers are specifically intended to be applied as follows: To complete preliminary economic assessments (scoping studies) and advance the Company’s Nunasvaara and Raitajärvi graphite projects in Sweden; To advance Talga’s iron ore projects in Sweden for potential divestment by completing Davis Tube Recovery tests towards a final concentrate specification; and For general working capital. 

Company Quote

0.385
0.01 +2.67%
20 Aug 2014