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OVERSUBSCRIBED $6M CAPITAL RAISING COMPLETED
Nickel, lithium and gold focused explorer, TG Metals Limited (TG Metals or the Company) (ASX:TG6), is pleased to announce the successful completion of its initial public offer to raise $6,000,000 via the issue of 30,000,000 ordinary shares at A$0.20 per share (Public Offer).
- TG Metals Limited shares commence trading on the ASX at 11:00am AWST, 26 May 2022 under the code TG6
- The Company successfully raised $6M under its IPO, at an indicative market cap of $11.4M
- The Company’s main focus is the 100% owned Lake Johnston Project in Western Australia
- The Lake Johnston Project covers approximately 50km strike of greenstone with an historical nickel focus and growing lithium prospectivity
Proceeds from the Public Offer will primarily be used to fund exploration activities on the Company’s wholly owned Lake Johnston Project located approximately 120km west of Norseman in Western Australia, encompassing 50km of prospective Lake Johnston greenstone belt. The exploration activities are aimed at defining nickel, lithium and gold mineralisation along known ultramafic, mafic and felsic host rocks.
The Company will commence trading today on the Australian Securities Exchange (ASX) at 11:00am AWST under the ASX code TG6. TG Metals wishes to thank its Lead Manager to the Offer, Barclay Wells, together with Trident Capital as Corporate Advisors and AGH Law as Legal Counsel.
TG Metals’ Chairperson, Richard Bevan, said:
“On behalf of the Board and Management of TG Metals, we welcome all shareholders to the Company at what is an exciting time of growth for the forward facing metals market. TG Metals has a strong board and experienced management and is ready to execute our exploration strategy at the 100% owned Lake Johnston Nickel Project in Western Australia.
"The Project is located within a highly prospective area of greenstone belt with recent past nickel production. It is prospective for both nickel and lithium discoveries, and our aggressive exploration strategy bodes well for near term discovery potential and optionality into multiple commodities.
We look forward to undertaking our planned exploration programs and keeping our shareholders updated with our progress.”
Authorised for release by TG Metals Board of Directors.
About TG Metals
TG Metals is an ASX listed company focused on exploring for nickel, lithium and gold at its wholly owned Lake Johnston Project in the stable jurisdiction of Western Australia. The Lake Johnston Project boasts proximity to current and past producing nickel mines and processing plants, and geochemical and geophysical targets for immediate exploration.
Mr. David Selfe
Chief Executive Officer
0439 030 921
This article includes content from TG Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.