Terramin Australia (ASX:TZN) is launching a partially underwritten non-renounceable rights issue to raise up to $28.65 million.
The company will offer one new share for every 1.5 ordinary shares held at an issue price of $0.018 per share. This represents a 21.48% discount to the 15-day volume-weighted average price ending 11 September 2026.
Up to 1.59 billion new shares will be issued under the offer, with the rights issue partially underwritten up to $25.65 million.
Terramin notes major shareholder Asipac Group, which holds approximately 45.5% of Terramin, will not take up its $12.7 million entitlement. However, Asipac will partially underwrite up to $15.65 million through debt-to-equity conversion, provided its voting power does not exceed 47.5%.
Feny (Hong Kong) International Mining will partially underwrite up to $10 million.
Proceeds will fund the development of the Tala Hamza Zinc Project, Bird in Hand Gold Project, Kapunda Copper Project, and South Gawler Ranges Project, alongside future exploration programs. Funds will also support working capital and the partial repayment of Asipac loan facilities.
Shareholders can apply for additional shares through a shortfall offer open to third-party investors.
The offer opens on 22 September 2026 and is expected to close on 6 October 2026.
Terramin Australia is a mining and mineral explorer focusing on precious and base metals including gold, zinc, lead, and copper.
Write to Paula Fabe at Mining.com.au
Images: Terramin Australia
