Titan Minerals Ltd (ASX:TTM) has concluded the institutional component of its accelerated non-renounceable entitlement offer, raising the maximum possible amount of $4.1 million.
The offer was strongly supported by existing institutional shareholders, with the company also receiving significant demand for shortfalls by new institutional investors.
Proceeds from the fund-raising will primarily be used to advance exploration activities at the company's Dynasty Gold Project in southern Ecuador.
Offer details
The entitlement offer involved the issuance of new fully paid ordinary shares on the basis of one new share for every six existing shares held by shareholders.
Eligible shareholders will also receive one free attaching option for every new share issued, exercisable at $0.035 per option and expiring 12 months from the date of issue.
The new shares are expected to commence trading on the Australian Securities Exchange on December 7, 2023.
Retail offer
The retail portion of the offer to raise up to $3.5 million will open on December 6 and close on December 20.
Retail shareholders with a registered address in Australia or New Zealand as of 4 pm today are eligible to participate.
The offer price for the new shares and the offer ratio are similar to that for the institutional component.
Canaccord Genuity (TSX:CF, LSE:CF) (Australia) has been appointed as lead manager for the fund-raising exercise.