TNG raises $2.9m in rights issue

Subiaco-based mineral exploration TNG Ltd has raised nearly $2.9 million following a non-renounceable rights issue.

The issue consisted of one new share for every four shares held at the record date at an issue price of 6 cents.

The underwriting of the rights issue is being provided by Kirkes
Securites Limited.

The raising comes in the wake of TNG facing a a $2.1 million claim from the Commonwealth of Australia over a 10-year old dispute involving Kanowna Lights NL.

The dispute dates back to 1998, when the then management of TNG entered into unauthorised transactions that were meant to be reversed.