TNG launches $3.5m capital raising

Vanadium hopeful TNG is seeking to raise up to $3.5 million to put towards completing a definitive feasibility study at its Mount Peake project in the Northern Territory.

TNG said today it would launch a share purchase plan for existing shareholders, priced at 4.5 cents per share, to raise the funds.

The company’s stock sank 10 per cent on the ASX today, to finish at 4.5 cents.

The offer is capped at $3.5 million and not underwritten, TNG said.

As well as going towards the definitive feasibility report for the Mount Peake project, the funds will go towards other exploration projects and general working capital.