Major Australian resources investor Regal Funds Management has increased its stake in True North Copper (ASX:TNC) to 14.07%.
Regal Funds, which manages around $12.2 billion in funds, took a greater interest in the Queensland-focused junior miner with the acquisition of a further 53.6 million shares for $3 million, or about $0.056 per share.
The fund now holds around 144.9 million shares in True North, which has a market capitalisation of around $45.3 million.
Regal became a substantial shareholder in the company in early June after picking up an initial 10.2% stake.
True North completed an entitlement offer and placement in late May, raising $16.6 million for mining operations at its Cloncurry Copper Project in Queensland.
The company’s largest shareholder, Tembo Capital Holdings UK, funded 25% of the equity raise.
Write to Angela East at Mining.com.au
Images: True North Copper
