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Trigg Minerals announce $600K capital raising for Drummond Basin exploration

5 July 2024 10:14
ASX:TMG

Trigg Minerals Limited (ASX:TMG) has announced a successful capital raising to advance its exploration efforts at the Drummond Basin Project in Queensland.

Trigg has secured binding commitments for a share placement, raising $600,000. It attracted strong interest from sophisticated, professional, and institutional investors.

Placement details

The placement will be through approximately 75 million ordinary shares at an issue price of $0.008 per share in two tranches. Tranche 1 will include 37,320,610 shares issued under Listing Rule 7.1A. Tranche 2 will include 37,679,390 shares, pending shareholder approval at an upcoming general meeting.

The placement shares are priced at a premium to the company’s 15-day Volume Weighted Average Price (VWAP).

Tranche 1 issuance is expected around July 12, 2024, following the release of a cleansing prospectus. Tranche 2 issuance is expected post-shareholder approval, with the general meeting anticipated in late August 2024.

GBA Capital will receive a capital raising fee of 4% and a management fee of 2% of the funds raised, excluding GST. Additionally, subject to shareholder approval, GBA Capital will receive 10 million listed options exercisable at $0.03, expiring on June 30, 2026.

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Figure 1: Location of Drummond Basin Project.

Drummond Basin

Trigg have highlighted their newly discovered SW Limey target as the main use of the funds, allowing additional holes to be drilled. Earlier this week Trigg announced that IP surveys were conducted at the SW Limey and Breccia Hill prospects on tenement EPM 18090.

Three main drill targets have now been defined for Trigg’s upcoming drilling program. The SW Limey target located at the southern end of the +4km Limey Trend, previously showed high gold and silver values up to 55 g/t Au and 9 g/t Ag in historical rock chip sampling.

Management comments

Trigg’s Chairman Timothy Morrison is looking towards exploration activities at Drummond. “We are pleased to have raised funds successfully from existing shareholders and new investors via the share placement.

“In the light of our recently announced geophysical results we are excited to have received support to apply additional resources to ramp up exploration activities at the Drummond Basin Project.”

TMG’s Australian Security Exchange-listed share price is currently trading at $0.009 (9:45 am UTC+ 8 hours)

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