Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has concluded the retail portion of its expedited non-renounceable pro rata entitlement offering. Together with the institutional component and the retail entitlement offer which raised some A$670,000 at an offer price of A$0.03 per new share, the company raised around $4.77 million.
This offering allowed eligible shareholders to acquire one new fully paid ordinary share for every six shares they held. In addition, for each new share, shareholders receive one free option, exercisable at A$0.035, expiring on January 31, 2025. Shareholders who subscribed to two attaching options receive an extra option, exercisable at A$0.07 and expiring on January 31, 2027.
New shares from the institutional entitlement offer were issued on December 7, 2023. Those from the retail entitlement offer are scheduled for issuance on December 29, 2023, with trading on the ASX expected to commence on January 2, 2024.
Use of funds
Funds will be used for exploration activities, including to continue resource drilling at the Dynasty Gold Project.
Just a month ago, the company confirmed a “substantial” new gold vein system at Papayal Prospect within the Dynasty Gold Project in southern Ecuador.
The current resource growth drilling campaign is expected to be completed in the March quarter, with a resource update to follow in the June quarter.
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