TNG share placement to advance Mt Peake

Subiaco-based TNG says it has raised $2.8 million to accelerate the development of its Mount Peake iron-vanadium project in the Northern Territory.

TNG said it would place 25.2 million shares at $0.11 per share to sophisticated investors to raise funds for the commencement of a new phase of metallurgical tests and pilot plant studies at Mount Peake.

The capital raising follows the recent signing of a non-binding memorandum of understanding with a Chinese state-owned engineering, development and construction firm to establish a strategic partnership to fund Mount Peake.

TNG's chief executive Paul Burton said that following the recent string of positive developments at Mount Peake the company was gearing up for a busy development schedule at the project.

"Following the completion of this capital raising we are now well funded to accelerate activities at Mount Peake," he said.

"We have an active development program planned for the coming months, starting with the pilot plant test work program about to get underway, and we look forward to moving the project towards a pre-feasibility study."