Todd River Resources Limited (ASX:TRT) has successfully raised $3.3 million through a targeted Placement expected to settle on 2 March this year, the exploration company announced today.
A total of nearly 60 million fully paid ordinary shares will be issued to sophisticated and professional investors at an issue price of $0.055 per share, representing a 5.6% premium to the 10-day VWAP of $0.052 per share.
The Placement, which had cornerstone support from Acorn Capital Investment Fund, will allow Todd River to commence Ni-Cu-PGE exploration at the Berkshire Valley Project in Western Australia with aircore drilling expected in March 2021.
Commenting on the Placement, Todd River’s Managing Director, Will Dix said: “It is very pleasing to have received such strong support from a leading resources fund to cornerstone the Placement and to receive ongoing support from a number of our major shareholders.”
Dix revealed that the capital raises should put Todd River at a “strong financial position” to double down exploration efforts on the Company’s Berkshire Valley, Nanutarra and Petermann Range projects.
Additional funds will support initial on-ground programs at the Petermann Range Project in Musgrave Province, which contains historic copper and gold occurrences.
Exploration at the unexplored Project area, where Todd River has over 6,000 square kilometers under application, will commence once Todd River has secured the Exploration Agreement and the project’s tenements.
Proceeds from the capital raise will also underpin drilling at the company’s Nanutarra Project in May 2021.