True North Copper Restricted (ASX:TNC) (True North, TNC or the Firm) is happy to advise that it has signed binding documentation with Millinium Capital Managers Restricted as trustee for MP Supplies and Mining Group Fund for a placement of A$5 million comprising the problem of 41,666,667 totally paid extraordinary shares within the Firm (Shares) at a difficulty worth of A$0.12 per Share (Placement).
The problem worth of $0.12 per Share represents a 66.67% premium to the final closing worth of $0.072 previous to the Placement, demonstrating sturdy investor confidence within the Firm’s future prospects and development potential.
The Shares might be issued beneath current placement capability pursuant to Itemizing Rule 7.1A and might be topic to voluntary escrow for a interval of 12 months from the date of concern.
Settlement of the position and the problem of the Shares is anticipated to happen in tranches throughout the subsequent 7 enterprise days. The Firm intends to use the funds in the direction of working capital together with exploration packages.
MP Supplies and Mining Group Fund is a specialist mining funding fund workplace backed by excessive internet value and household workplace traders.
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