Regal Funds ups ante in True North Copper

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
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Written By Angela East
Managing Editor Angela East is an experienced business journalist and editor with over 15 years spent covering the resources and construction sectors and more recently working as a communications specialist handling media relations for junior resources companies.