Titan raises $11m

Titan Minerals has announced an $11 million capital raising to fund the purchase of a processing plant and exploration work at its Torrecillas and San Santiago projects in Peru.

The company has issued 366 million shares at 3 cents each, with the placement to be completed in two tranches.

The first tranche will comprise 233 million shares, while the second tranche of 133 million shares will be subject to shareholder approval.

The raising represents a 12.2 per cent discount on the 15-day volume-weighted average price.

Canaccord Genuity acted as lead manager to the placement.

Executive chairman Matthew Carr said the raising was an excellent result for the company.

“This paves the way to fast track the exploration of Titans exciting copper gold tenements, as well as funding the capital requirements of the Mirador plant, and the Andina Vista plant,” he said.

“We have complete confidence in the potential of both the Vista and Mirador plants and will take a measured approach to the exploration and development of the Torrecillas gold project.”

The company announced plans to purchase the processing plant in a cash and scrip deal for $6.5 million last month.

Shares in Titan finished off 2.94 per cent at 3.3 cents each today.