Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has received firm commitments to raise A$20 million via a placement to institutions and sophisticated investors as it works to expand the Dynasty Gold-Silver Project in southern Ecuador.
The placement was strongly supported by Tribeca, one of the company’s existing large shareholders, who has scaled up, as well as other new domestic and international investors looking to support Titan’s growth aspirations in Ecuador.
Titan CEO Melanie Leighton said: “The quantum and quality of the placement is a fantastic outcome, giving Titan real capacity to get on with our strategy to expand our exciting Dynasty Gold-Silver Project in southern Ecuador, where we have already established resources of 3.1 million ounces of gold and 22 million ounces of silver — extending from surface.
“Our recent exploration has delineated many new targets and we have an aggressive drill program underway aimed at significantly expanding our resource base."
Read more: Titan Minerals discovers more high-grade gold in extensional areas at Dynasty Gold Project
Leighton said, “With funding secured, we now have a clear runway and are set to deliver strong results and growth in the coming 12 months.
“In parallel, our JV partner Hanrine (subsidiary company of Hancock Prospecting), is completing a major drill program at our Linderos Copper Project and our wholly owned Copper Duke Project also boasts several exciting porphyry copper targets set to be drill tested in 2025.”
Placement details
The placement will see the issue of 45,454,545 million new fully paid TTM shares at A$0.44 per new share, which represents a 12% discount to the last closing price on December 2, 2024, of $0.50, and a 9.7% discount to the 30-day VWAP of A$0.487.
Settlement of new shares under the placement is expected to occur on Tuesday, December 10, 2024.
The placement was completed by Bell Potter Securities Limited as lead manager with assistance from co-managers, Evolution Capital Pty Ltd and Canaccord Genuity (TSX:CF, LSE:CF).