Trigg Minerals (ASX:TMG) Raises $5 Million With Strong Support From Strategic Investors and Global Funds
6 December 2024
Price Sensitive Announcement $
Highlights:
- Trigg has received firm commitments for a $5 million Placement, cornerstoned by existing and new institutional and sophisticated investors.
- The Placement was well supported (and therefore required significant scaling) with strong institutional demand, reflecting high investor confidence in Trigg’s strategic direction.
- Strong news-flow expected throughout 2024-2025 with plans to restate the Mineral Resource Statement1 at Achillies Antimony project, with the advancement of exploration and drilling, which will provide significant exploration upside and expansion potential.
- Proceeds to underpin the advancement of the high-grade Achilles Antimony project, Taylors-Arm and Spartan Antimony projects, potential project opportunities and general working capital requirements.
- Antimony prices have now surged to ~US$38,000 per metric ton, marking an increase of over 233% in the past year2
Overview:
Trigg Minerals Limited has announced it has received firm commitments totalling $5 million (before cost), following strong support from both Australian and international institutional investors and sophisticated investors, through the issue of 151,515,152 fully paid ordinary shares in the Company (Shares) at an issue price of $0.033 per Share (Placement).
The Placement received substantial demand, reflecting high investor confidence in Trigg’s strategic direction. Trigg is particularly pleased to welcome several key strategic investors who will support the Company’s growth and development objectives and will continue to update shareholders as it progresses its strategic initiatives.
Use of Funds:
The proceeds from the Placement, together with the Company’s existing cash reserves, will be deployed primarily across the existing project portfolio, including:
- Exploration and drilling programs at the Achilles, Taylors Arm, and Spartan Projects.
- General working capital and transaction costs.
- Due diligence costs related to potential acquisitions
Placement:
The Placement of 151,515,152 Shares will be issued using the Company’s existing capacity under ASX Listing Rules 7.1 (95,251,042) and 7.1A (56,264,110) to raise a total of $5,000,000 (before costs).
The issue price of $0.033 represents a discount of 15.4% to the last closing price of $0.039 on Tuesday, 3 December 2024, and a 12.2% discount to the 15-day VWAP of $0.038.
The Placement is expected to be settled on 13 December 2024, and the Shares will be issued on 16 December 2024. The Shares will rank equally with the existing Shares on issue.
Company Notes:
Tim Morrison, Executive Chairman of Trigg Minerals, said:
“We are thrilled with the overwhelming response from both strategic investors and global funds, which reinforces the market’s confidence in our business strategy.
This capital injection gives us a strong financial platform to continue delivering on our plans and creating shareholder value. We look forward to capitalising on this momentum as we advance our projects.”
Full ASX Announcement: https://wcsecure.weblink.com.au/pdf/TMG/02891414.pdf