Wednesday, 1st June 2005 (2477 views)

Miner Tennant Creek Gold (TNG) has announced that it has raised capital of A$2.35m, following finalisation of a A$1.35m institutional placement for TNG and a A$1m seed capital raising for Thor Mining.

This announcement comes ahead of the proposed listing of TNG's newly established specialty metals off-shoot, Thor Mining, on the Alternative Investment Market of the London Stock Exchange.

Having announced the successful completion of a A$1m seed capital raising for Thor Mining, subject to completion of the IPO, Thor will make a cash payment of A$600,000 to TNG for the transfer of its portfolio of specialty metals projects.

Thor is currently completing its IPO, with the AIM listing expected to be completed early in the new financial year.

The recent A$1.35million share placement to London-based investment management company, RAB Special Situations LP, has now been completed with funds received and new shares issued.

RAB is now TNG's largest shareholder with a 16.3 per cent stake on a fully diluted basis.

The injection of funds by RAB, a major international investor, demonstrates a vote of confidence in TNG's proposed growth strategy.

 

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