LAKE THROSSELL POTASH PROJECT, WA
Trigg Mining Limited (ASX: TMG) is pleased to announce that the renounceable rights issue launched on May 21, 2021 has closed significantly oversubscribed and raised $3,200,190. To accommodate a portion of the excess demand, the company has agreed to undertake a placement to raise an additional $250,000 on the same terms as the rights issue (Follow-on Placement).
Following completion of the Follow-on Placement, the total amount raised will be $3.45 million, before costs. The company will issue a total of 34,501,904 new fully paid ordinary shares (shares) and approximately 17,250,929 new options exercisable at $0.20, with an expiry date of 15 July 2023 (options). The options will be quoted under ASX code TMGOB.
Of these securities, the company will issue 2,500,000 new Shares and 1,250,000 TMGOA Options under the Follow-on Placement using the Company’s existing capacities under Listing Rule 7.1 and 7.1A.
Mahe Capital Pty Ltd. (ACN 634 087 84) (AFSL 517 246) (Mahe Capital) acted as lead Manager and underwriter to the Rights Issue and advised Trigg on the Rights Issue and Follow-on Placement.
The proceeds from the rights issue and Follow-on Placement will be used to fund exploration and evaluation activities, including calculation of an Indicated Mineral Resource at Lake Throssell, a Scoping Study and continuation of project evaluation and base-line environmental studies required for the project approvals process. Additionally, the proceeds will be used for general working capital and to cover costs associated with the offers.
The new securities are expected to be issued on 29 June 2021, in accordance with the timetable in the Prospectus.
Trigg Mining’s managing director, Keren Paterson, said, “We are delighted with the overwhelming support for the rights issue. The proceeds ensure we can accelerate our strategy to unlock the value of Lake Throssell by establishing a maiden Indicated Mineral Resource and conducting a Scoping Study.
“Lake Throssell has the potential to be a significant new long-term SOP production hub in WA – providing the foundations for a sustainable, long-term business that is highly geared to one of the world’s fastest growing markets.”
This announcement was authorised to be given to ASX by the Board of Directors of Trigg Mining Limited.