02/10/2020 - 15:00

TNG raising $12m for metals project

02/10/2020 - 15:00

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Subiaco-based TNG is raising up to $12.5 million to fund the development of its flagship metals project in the Northern Territory.

TNG is planning to raise $12.5 million from a rights issue for its Mount Peake project. Photo: TNG

Subiaco-based TNG is raising up to $12.5 million to fund the development of its flagship metals project in the Northern Territory.

TNG is planning to complete the design, engineering and approval work streams for its Mount Peak vanadium-titanium-ore project, as well as pre-development planning.

The company is working towards a final investment decision for the project, which it says will be a major boost for NT.

Mount Peake has an indicated and inferred resource totalling 160 million tonnes, with a grading of 0.28 per cent vanadium, 5.3 per cent titanium and 23 per cent iron.

It is also located within close proximity to existing power and transport infrastructure, TNG says.

The company will undertake a one-for-nine rights issue to raise up to $12.5 million, with the new shares priced at 10 cents each. They will each include one free attaching option.

TNG shares closed down 24 per cent to trade at 10 cents.

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