Todd to raise $4.2m

Subiaco-based copper hopeful Todd River Resources plans to raise $4.2 million for drilling work at its Mt Hendy discovery in the Northern Territory.

The raising will be at a price of 8 cents per share, with Hartleys acting as lead manager.

Todd revealed in an ASX release today that it had secured commitments for a $1 million placement, with 12.5 million shares to be issued.

That will be followed by a $3.2 million, two-for-one entitlement offer.

The cash will be used for exploration at Mt Hardy and for working capital.

Todd chief executive Will Dix talked up the discovery.

“The combined proceeds of the placement and entitlement offer will allow us to accelerate our work programs at Mt Hardy to seek to enhance the value of this ... discovery for shareholders over the coming months,” Mr Dix said.

“The recent drilling and geophysical results from Mt Hardy have identified what we believe to be an exciting new base metals discovery.

“The results reported to date represent a fantastic start, and we are now perfectly positioned to seek to expand the footprint of the mineralisation at EM1 through a second phase of drilling and to begin to investigate other prospective areas.

“We are delighted with the strong level of investor support for the placement, which reflects the exciting potential opportunities in front of us – and we are looking forward to getting back to the field later this month and to focusing on progressing drilling through to the end of the year.”