TNG spin-out raises $6m

TNG spin-out Todd River Resources has raised $6 million from its initial public offering ahead of its ASX debut, which could occur before the end of the month.

Todd River raised the funds through the issue of 30 million shares at 20 cents each, with the IPO managed by Sanlam Private Wealth.

Todd River will take ownership of TNG’s non-core assets, including 12 exploration projects in the Northern Territory that comprise the Manbarrum zinc project.

TNG originally planned to spin-out Todd River in 2015, but that was shelved until July last year.

Todd River will also own 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 River hopes to begin trading on the ASX on or around March 30.