NT Minerals (ASX:NTM) announces finalisation of its current capital raising is expected to occur on Friday 21 April 2023 with a settlement of 62.656 million new shares expected to be issued to raise about $626,566 under an underwriting agreement.
The company should be reinstated to trading on the ASX by 24 April.
NT Minerals notes this announcement comes following completion of a fully underwritten pro-rata non-renounceable entitlement offer of 1 share for every 6 shares held by eligible shareholders, as announced by NT Minerals last week (13 April).
Shares were reported to have been issued at $0.01 per new fully paid ordinary share, with eligible shareholders also being able to apply for new shares in excess of their entitlement through a shortfall offer.
Additionally, as announced on 9 March 2023, NT Minerals received firm commitments from Adroit Capital Group ESG to raise about $500,000 through a placement of about 51.4 million fully paid ordinary shares at $0.01 per share.
Funds raised are expected to be used towards undertaking a detailed exploration program at NT Mineral’s flagship Redbank Project in the Northern Territory, as well as for general working capital purposes.
NT Minerals is an ASX-listed Northern Territory-based copper exploration company focused on its Redbank Project in the Northern Territory, located in the east McArthur Basin. The project spans an area from the Northern Territory/Queensland border west towards mining giant Glencore’s McArthur Mine.
Other assets included in the company’s exploration portfolio include the Millers Creek Project in South Australia.
Images: NT Minerals Limited
