TNG spin-out Todd River makes ASX debut

Todd River Resources has closed higher on its ASX debut, after spinning-out of Perth-based minerals explorer TNG and raising $6 million in an initial public offering.

Last month, Todd raised $6 million in an IPO priced at 20 cents a share.

By the close of trade today, its shares were worth 23 cents each.

The company is a spin-out of TNG and has taken ownership of the parent’s non-core assets, including 12 exploration project in the Northern Territory, which comprise the Manbarrum zinc project.

Todd also owns the Mount Hardy copper-zinc project, the Stokes Yard zinc project and the McArthur copper-zinc project, all of which are in the NT.

Todd was originally supposed to be spun-out and floated on the ASX in 2015, but that was shelved until plans were reignited in July last year.

Todd’s IPO was managed by Sanlam Private Wealth.