TNG raises $5m for Manbarrum drilling project

Subiaco-based mineral explorer TNG Ltd has raised $5 million through a placement to fund progress of its drilling program on its Manbarrum lead, zinc and silver project.

The full text of a company announcement is pasted below

TNG LTD (ASX: "TNG") has today secured $5 million via a placement of 9,090,910 shares at $0.55. The shares have been placed with sophisticated investors. The funds raised will be used to fund progress at the Manbarrum Project and for short term working capital purposes.

TNG embarked on a significant drilling campaign earlier this year at the 100% owned Manbarrum Project in the Northern Territory of Australia.

Motivated by positive visual results the drilling campaign was increased from the original plan and this has required an injection of funds to complete the 2007 program and for working capital requirements over the northern wet season.