TNT Mines Ltd (ASX:TIN) directors have demonstrated their confidence in the company’s gold and uranium-vanadium exploration strategy through participating in the recent $3.9 million capital raising.
Executive director Brett Mitchell and non-executive director Peter Woods acquired shares on December 4 after approval of their participation was granted by shareholders at the company’s AGM on November 30.
Director purchases
Mitchell acquired 576,924 fully paid ordinary shares with a value of $75,000, increasing the holding to 584,617 ordinary shares in one interest and to 392,307 shares in another interest.
He also holds another 312,500 shares in an indirect interest.
Woods acquired 500,000 shares valued at $65,000 in an indirect interest.
It was his first acquisition in that interest with another 2 million shares held in a separate indirect interest.
Capital raising
TNT Mines secured firm commitments from new and existing institutional and sophisticated investors to raise A$3.9 million through the issue of 30 million shares at 13 cents per share.
The capital raising coincided with TNT’s acquisition of Warriedar Mining Pty Ltd as approved by shareholders at the company’s AGM.
It was designed to ensure sufficient funds to undertake exploration on the Eureka and Warriedar gold projects in Western Australia, as well as the East Canyon Uranium-Vanadium Project in southeast Utah, USA.
High-grade sampling results
The company recently received high-grade assay results from underground exploration channel sampling at the 100%-owned East Canyon project.
Results received from the None Such and Bonanza Workings include 1-metre at 1.27% uranium and 4.53% vanadium and 0.6 metres at 0.69% uranium and 2.82% vanadium.
Planning and permitting for an initial drill program is underway and this is expected to start this quarter following the receipt of all regulatory approvals.
East Canyon is only 50 kilometres away via a major highway from the White Mesa Mill, the only fully licensed, permitted and operational uranium and vanadium mill in the US.
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