Theta Gold Mines (ASX:TGM) to raise $2.3 million for TGME Underground – The Market Herald

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  • Theta Gold Mines (TGM) receives firm commitments to raise $2.3 million through a placement for its TGME underground gold mine project in South Africa
  • The company will issue approximately 35.38 million new shares at 6.5 cents each, within its placement capacity
  • The money will be used for preliminary project development and planning activities
  • In addition, he will assist in securing project permit approvals, general working capital, corporate overhead, and interest and bond loan repayments.
  • The shares are trading down 5.49% to 8.6 cents each at 1:43 p.m. AEST

Theta Gold Mines (TGM) has received firm commitments to raise $2.3 million through a placement for its TGME underground gold mine project in South Africa.

The company will issue approximately 35.38 million new shares to institutional, sophisticated and professional investors at 6.5 cents each, representing a 6.73% discount to the 15-day volume-weighted average price.

The money will be used for preliminary project development and planning activities.

In addition, the funds will help secure project permit approvals, general working capital, corporate overhead, bond interest, and loan repayments.

Chairman Bill Guy said that after the completion of the Definitive Feasibility Study, Theta Gold Mines can progress to gold production.

“The company and its debt advisers are busy preparing the TGME project information memorandum and banking model to discuss potential financing solutions with many potential project financiers in the coming weeks and expect to receive a financing term sheet during this quarter,” he said.

The shares were trading down 5.49% to 8.6 cents apiece as of 1:43 p.m. AEST.

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