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Tianshan to raise $5.5m

TIANSHAN Goldfields has announced that it has secured firm expressions of interest from institutional and professional investors to raise $4 million in a share placement and $1.5 million in a mezzanine debt facility from Mineral Securities. The funds will be used in an extensive exploration program and the commencement of a scoping study, Tianshan said.The placement is being headed by Macquarie Bank, which will hold a 17.3 per cent stake in Tianshan following the deal. It will entail an issue of 26.7 million shares at 15 cents each.

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