Titan confirms fully underwritten A$3.5M Placement, 51.7% of Core Gold shareholders enter formal lock-up agreements
December 16 2019 - 9:32AM
Titan Minerals Limited (ASX: TTM) (“
Titan”) is
pleased to announce it has received firm commitments to raise gross
proceeds of A$3.5 million via the issue of 21,875,000 new fully
paid ordinary shares ("
Shares") at an issue price
of A$0.16 per Share ("
Placement"). The Placement
was strongly supported by domestic and offshore sophisticated and
institutional investors. Canaccord Genuity (Australia) Limited
acted as underwriter and lead manager to the Placement.
Placement Details
Completion of the Placement is expected to occur
on or about 16 January 2020 and is subject to (amongst other
matters):
(a) |
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all conditions to completion in respect to Titan’s public offer to
the shareholders of Core Gold Inc. (TSX-V: CGLD, OTCQX:CGLDF)
("Core ") to acquire all of the outstanding shares
in Core (“Public Offer”) having been satisfied (or
waived) (refer to the ASX announcements dated 1 October 2019 and 9
December 2019 for further details); and |
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(b) |
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Titan shareholders, at a general meeting to be held on 13 January
2020, approving the issue of the Shares under the Placement
together with other resolutions (including the resolution in
respect to the Public Offer). |
Titan intends to make a proportion of the funds
raised under the Placement available to Core by way of loan or
other arrangements to be utilised towards the exploration and
development of the Dynasty Goldfield Project, the Southern Ecuador
exploration programs, the Southern Peru regional exploration and
development activities, the Zaruma mine study, maintenance and
development activities and the Portovelo plant maintenance and the
remaining funds raised under the Placement will be utilised for
ongoing general working capital requirements.
Titan's Managing Director, Mr Laurence Marsland
said: "We are pleased with the strong support for this capital
raising, the Company has had a great response to the public offer
in respect to Core with a large range of sophisticated and
generalist funds participating in the placement, with continued
support from our existing shareholders as well.”
Core Shareholder Support and Lock Up
Arrangements
Titan is pleased to advise that certain Core
shareholders have entered into lock-up agreements, pursuant to
which they have committed to deposit all of the Core shares owned
or controlled by them under the Public Offer and, in their capacity
as Core shareholders, to otherwise support the Public Offer. Such
shareholders own or control, directly or indirectly, approximately
51.7% of the outstanding Core shares excluding any Core shares
beneficially owned, or over which control or direction is
exercised, by Titan (or any person acting jointly or in concert
with Titan), and approximately 48.9% of the total outstanding Core
shares. The number of Core shares currently subject to the lock-up
agreements would be sufficient to allow Titan to meet the 50.1%
minimum tender condition upon the expiry time of the Public
Offer.
For
additional information, please contact: |
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Investors |
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Laurence Marsland, Managing
Director |
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Titan Minerals |
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E:
info@titanminerals.com.au |
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T: +61 8 6555 2950 |
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Financial
Advisers |
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Peter Bacchus |
Chris Johannsen |
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Bacchus Capital Advisers |
Bacchus Capital Advisers |
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E:
peter.bacchus@bacchuscapital.co.uk |
E:
chris.johannsen@bacchuscapital.co.uk |
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T: +44 (0) 203 848 1641 |
T: +44 (0) 203 848 1644 |
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Media |
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David Tasker |
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Chapter One Advisors |
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E:
dtasker@chapteroneadvisors.com.au |
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T: +61 433 112 936 |
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About Titan Minerals
LimitedTitan Minerals is a gold and copper explorer and
the owner and operator of a gold treatment business in a
well-established mining region of Southern Peru. A centralized
processing plant produces loaded carbon from a CIP gold circuit,
with feed previously averaging 17 to 24g/t gold head grades sourced
from licensed third party operators.
Titan’s gold assets include the wholly-owned
Coriorcco and Torrecillas exploration projects and an exclusive
right to acquire an 85% interest in the Las Antas gold project
(refer to Titan’s ASX release dated 14 January 2019). The Coriorcco
and Las Antas areas are key projects within a district of
high-grade gold and silver veins located within trucking distance
of Titan’s Vista gold plant.
Titan is continuously evaluating projects within
Peru for acquisition or joint venture to both provide additional,
low cost gold and silver mineralized material feed for existing
processing facilities and opportunities for processing growth and
expansion. In addition, Titan shall also continue to evaluate
projects elsewhere in gold, copper and other commodities to grow
shareholder value.
Website: www.titanminerals.com.au
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