Tali Resources (ASX:TR2) has begun trading on the Australian Securities Exchange (ASX) after raising $7.5 million in its initial public offering.
The company allocated shares at a price of $0.20 per share, with Agrimin (ASX:AMN) shareholders meeting a priority offer for $2 million worth in shares.
Euroz Hartleys and Canaccord Genuity acted as the lead managers, with Bell Potter Securities acting as the co-manager.
Managing Director Rhys Bradley says the company is grateful for new and existing shareholders’ support to aid its West Arunta discoveries.
“Tali has a significant tenure package of over 4,000km2 in one of Western Australia’s most exciting mineral regions,” Bradley says.
“Following the initial public offering, we are now fully funded to drill test a number of high priority prospects in the coming weeks, as well as to test and generate further prospects throughout this year and next.
“Our highly experienced exploration team is excited to commence our exploration efforts with an initial reverse circulation drilling program to test four of Tali’s most compelling exploration prospects.”
The company intends to begin reverse circulation drilling at the Chilka, Lonar, Maton B, and Maton C prospects within its West Arunta Project.
The project is considered prospective for various deposit styles including iron oxide copper gold, sediment-hosted copper, and rare earths mineralisation, comprising 15 exploration licences.
Tali Resources is an Australian explorer focused on developing projects in the West Arunta region of Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Tali Resources
