TNG raises $3m despite shortfall

Subiaco-based mineral explorer TNG Ltd has completed a raising of $2.9 million despite shareholders accepting less than half of the non renounceable pro rata rights issue.

In a brief statement today, TNG said it had received applications for just over 20 million shares from stake holders, leaving a shortfall of over 28.1 million.

The Kirke Securities Ltd will take up the shortfall in accordance with the underwriting agreement, with arrangements expected to the completed in the next few days.

Shares in TNG were unchanged at 7 cents at 13:02 AEST.