Theta Gold Mines (ASX:TGM) has raised US$7.9 million ($12.13 million) on the close of its placement to professional and sophisticated investors, as a part of a greater debt and equity financing plan.
The company has now issued and allotted just under 57.143 million shares at an issue price of $0.21.
Theta will offer participants one free attaching option per every 2.38 shares subscribed in this placement, holding an exercise price of $0.32 per option over an 18 month period.
In conjunction, Theta has closed the first tranche of its cornerstone placement, receiving a US$5 million investment from Cong Yu Company and Moonx Intelligence.
The company will issue almost 49.113 million shares at $0.155 per share, offering one free attaching option under the same conditions for just over 20.636 million options.
Theta will receive up to US$33.9 million for the combined debt and equity financing plan.
As reported by Mining.com.au, the company intends to use proceeds raised to further construction efforts at the TGME Gold Mine Project in South Africa.
Activities include earthworks and civil construction, as well as covering plant equipment orders, and structural, mechanical, piping and platework installation.
Theta Gold Mines is a gold developer focused on a number of gold assets located in mining regions across South Africa.
Write to Maddison Elliott at Mining.com.au
Images: Theta Gold Mines
