BEIJING (Asian Metal) 11 Jun 19 – On June 11, Australian-based TNG Limited announced that it has secured a strategic investment from two leading German-based institutions, DELPHI Unternehmensberatung AG (“DELPHI”), the parent company of Deutsche Balaton AG, and Sparta AG (“Sparta”), a subsidiary of Deutsche Balaton AG, as part of a landmark A$15 million capital raising to advance its flagship 100%- owned Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory.
The Company has executed binding term sheets with DELPHI and Sparta for a strategic investment in TNG by way of a share placement of A$10 million (before costs) at an issue price of $0.093 per share.
TNG also proposes to undertake a non-renounceable pro-rata entitlements issue, under which eligible shareholders will have the opportunity to subscribe for one new share for every 20 existing shares held, at the same issue price of $0.093 per new share, to raise approximately A$5 million before costs.
The expected proceeds of the capital raising are intended to be used to further progress pre-development activities including design and engineering, final permitting and planning for the Mount Peake Project, and to provide general working capital, ahead a potential Final Investment Decision for the project.
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